Russia’s Discounts On Crude Oil Shrinking Slowly For India

India’s interest in Russia’s crude oil can decrease. As per the sources, there is around a 61% fall in the crude oil discount after the Ukraine war. The discounts were reduced by 77% in 2023. There has been a 15% contribution to the GRM. We will share details about Russia and India’s crude oil trade details below. The prices have a drastic change. Thus, there is a need to look at the continuation of the crude oil trade as well.

India Might Rethink On the Reducing Discounts On Russian Crude Oil

There is some discount in the Russian Crude oil. However, it is still considered to be reducing continuously over time. The price of crude oil will shrink by 77% in 2023. However, it is currently considered low compared to those before the war. However, India’s refineries are slowly getting more value. They also reduced the petrol and diesel prices by Rs. 2 per liter. However, the crude prices were still high.

The prices of crude oil are rising. Thus, it is creating a topic of discussion in the nation regarding whether to continue or not. Gross Refining Margin (GRM) also shows the same. Apart from that, there is curiosity among people to know more about the scope of the current condition of India’s crude oil imports. However, the data states that the current year has fewer average Indian import realizations.

There is a reduction in crude oil imports by $2 per barrel. Bhushan mentions that there was around $3.5 barrels of discount in the previous six months. However, it also reached $4 per barrel at the time in April 2022 and June 2023. If we talk about the beginning, there is a $9 barrel only from April 2022 to June 2022. If we talk about the peak discount, it touched $15 per barrel from January to March 2023. It shrank to $5 per barrel from July 2023 to September 2023.

Russia’s journey to selling crude oil has been interesting. The country used to have its biggest sale with the European countries. Later, it also targeted countries like Ukraine and provided crude oil discounts. Later, the sanctions imposed on the country led it to take its discounts to countries like India and China. The country is developing in every aspect slowly. However, the experts mention rethinking the shrinking discounts on Russian crude oil.

We hope you get enough details about Russia and India’s crude oil prices shrinking discounts and its impact on the crude oil industry in India. Stay tuned for more information on our website.