INSUBCONTINENT EXCLUSIVE:
NEW DELHI: Indian buyers, key consumers of cheap Urals crude since the invasion of Ukraine, have no plans to turn away from Moscow even as
the discount to global benchmarks narrows, arguing Russian barrels remain among their most affordable options
Earlier this year, the gap between Russian crude and the Dubai benchmark stood at around $20 on a delivered basis
Today, the discounts offered for Urals cargoes are closer to $8
Pricing data from Argus Media Ltd puts Urals crude delivered to the west coast of India at above $81 a barrel on August 4, compared with
blend, arguing similar-quality barrels from the Middle East remain significantly more expensive
was a perception that India had limited capacity to refine medium sour grade of Russian crude, which would create a natural ceiling on
This would imply that Indian refiners can continue with their Russian oil imports as long as discounts outweigh the higher logistics cost of
executives largely shrugged off a drone attack on a Russian-flagged oil tanker
South Asian buyers have now been alerted to supply risks, said Viktor Katona, lead crude analyst at data intelligence firm Kpler, but they
of Russian crude.Even increased trading headaches and scrutiny as Urals last month broke through the $60-a-barrel set by Western nations to
said Vandana Hari, founder of Vanda Insights in Singapore
According to official figures, in June, the average cost of Russian crude landing on Indian shores including freight was $68.17 per barrel,
That compares with shipments from Saudi Arabia, which amounted to $81.78
Oil futures are currently trading around a nine-month high on tight supply, with Saudi Arabia and Russia extending their voluntary curbs
physical market also looks strong.Solid returns from making fuels from crude oil are also offsetting the increase in crude costs, the
Overall Asian refining margins have more than tripled from early July, according to Bloomberg Fair Value
Granted, Russian crude import volumes have slipped from their record highs in the past few months and are forecast to decline further,
