Russia Selling Oil to India at a Discount, Kpler Reports

Russia has started selling crude oil at a discount to Indian buyers. Thus, one barrel of Urals brand oil is sold on exchanges for India for five dollars cheaper than its real value. This is stated in an article by the analytical company Kpler. "The change in prices [of Russian oil] in the market is due to pessimistic sentiments regarding demand in India," the analysts noted.

In their opinion, the price of Urals brand oil is likely to continue to decline in the future. This is related to the reduction in the volume of oil product processing at Russian refineries, as well as the unwillingness of the Indian authorities to jeopardize trade relations with the US. At the same time, Kpler believes that India is unlikely to completely abandon Russian oil, as this would have very serious consequences for Indian companies.

According to TASS, recently Indian companies have somewhat reduced the volume of purchases of Russian oil, but have not stopped them.