Moscow, India’s second-largest oil importer, is trying to lure India with significant cuts in direct oil sales to boost Russian crude markets as Western sanctions curb international appetite for Russian oil. Bloomberg, citing knowledgeable sources.
Russia is reportedly offering India’s top-of-the-line crude Urals at discounts of up to $ 35 a barrel against pre-war prices to entice New Delhi to increase its purchases. cites the agency and asked not to be named as these are confidential conversations held at government level.
Brent prices have risen by about $ 10 since then, which means that the current price discount will be significantly higher.
Russia is seeking to persuade India to buy more than the 15 million barrels for which the two countries have signed an agreement.
It is noted that India is among the few countries in the world that have increased Russian oil imports in defiance of international pressure and sanctions. Moscow has also turned to Asian markets, with buyers in Europe and the United States shunning Russian oil because of sanctions against Russia for invading Ukraine, with India and China being the main buyers.
Moscow has also offered New Delhi the ability to use a rupee payment mechanism using Russia’s SPFS messaging system to make trading even more attractive to India.
Source: Capital
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