Discounts on Russian Urals crude oil delivered to India have dropped significantly this week. Stronger demand from Indian refiners is linked to renewed hostilities in the Iran war. This rebound marks a sharp change from earlier July when discounts were much larger. Indian refiners have stepped up purchases of Russian oil for stable feedstock.

Russian oil which remained the mainstay of India’s crude procurement strategy since the US-Iran conflict began has swung from being available at high premiums to discounts and…

Discounts on Russian Urals crude oil delivered to India have dropped significantly this week. Stronger demand from Indian refiners is linked to renewed hostilities in the Iran…