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India Picks Up Non-Sanctioned Russian Oil as Discounts Widen
India’s state-run refiners Indian Oil Corp. and Bharat Petroleum Corp. have bought Russian crude for January delivery, lured by discounts and plentiful supplies from non-sanctioned sellers, according to people familiar with the matter.
The unspecified number of cargoes has been secured at a discount of about $5 per barrel to Dated Brent from new trading entities, the people said, asking not to be named as the discussions are not public. That compares to a narrower discount of $3 per barrel a month ago.
The people said India’s total buying is unlikely to exceed a third of its pace for much of this year, meaning it would not be more than 600,000 barrels a day. Purchases by sanctioned refiner Nayara Energy Ltd., part-owned by Rosneft PJSC, would typically account for more than half of that.
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