India Top Buyer of Russian Urals Crude In August Despite Shrinking Discounts
09.06.2023 By Tank Terminals - NEWS

September 6, 2023 [Oil Price]- Even as the price of Russian Urals rose throughout the month of August and discounts to Brent shrunk, India remained the top purchaser of the grade.


As the discount for sanctioned Russian Urals compared to Brent crude oil shrunk for August loading to just $5 per barrel or less, Indian refiners said the discount was no longer substantial enough to warrant the same volumes for September loadings. That discount was the smallest since Europe placed an embargo on Russian crude, Reuters said on Tuesday.

Discounts on Russian crude were as large as $30 per barrel following Russia’s invasion, and India took advantage of the heavy discounts, increasing its Russian oil imports to as much as 40% of its total, up from just 1% of its total prior to the invasion.

Russia has relied on Asian nations—including India—to purchase most of its crude oil that other nations have been shunning due to Europe’s embargo and the G7 price cap on Russian crude following Russia’s invasion of Ukraine.

In fact, according to Reuters calculations of LSEG and traders’ data, India purchased 69% of all Russian crude oil coming from Primorsk, Novorossiisk and Ust-Luga. This is 74% of all shipments of Russian-origin crude oil, the calculations show.

In June, India did well for itself by saving money on the heavily discounted crude oil it received from Russia, getting crude oil that month for an average of $68.17 per barrel—that’s inclusive of freight, insurance, and other associated costs as well, whereas the price cap applies to just the cost of the crude.

What India paid in June at $68.17 per barrel compares to more than $100 they paid in June 2022.


Pro Trial: Access 12,600 Tank Terminal and Production Facilities

12,600 tank storage and production facilities as per the date of this article. Click on the button and register to get instant access to actionable tank storage industry data

ExxonMobil Expands Chemical Production at Baytown
09.21.2023 - NEWS
September 21, 2023 [ExxonMobil]- ExxonMobil today announced the startup of two new chemical produ... Read More
Belvedere Terminals Ups its Planned Investment to $750 Million in Florida
09.21.2023 - NEWS
September 21, 2023 [Observer]-Belvedere Terminals announced Tuesday that it plans to build a tota... Read More
Oil Must Play Major Role in Global Energy Transition, Exxon, Aramco CEOs Say
09.21.2023 - NEWS
September 21, 2023 [Oil & Gas 360]- The heads of Saudi Aramco and Exxon Mobil Corp. took to t... Read More
JERA Global Markets Sells Terminal in the Port of Amsterdam to Rhenus Group
09.21.2023 - NEWS
September 21, 2023 [Port News]- JERA Global Markets Pte. Ltd. and the Rhenus Group jointly announ... Read More