As Russian discounts fall, Indian state and private refiners join hands to negotiate better terms

• Posted in OilGas
• on May 20, 2024
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With discounts on Russian crude oil dwindling, India, in a first such effort, has brought together state-owned and private oil refiners to jointly negotiate for higher discounts and better terms with Russian suppliers, including Russia’s largest oil company Rosneft PJSC.

The government-led joint sourcing strategy involves leveraging India’s position as the world’s third-largest crude oil buyer to get better discounts on Russian oil, which have dropped to about $3 per barrel from a high of $10 earlier, said two people aware of the development.

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