India replaces Russian oil with crude from the Persian Gulf Bloomberg reports, citing anonymous "traders involved in the negotiations," that "several" Iraqi oil shipments are being sold at a discount of more than $25 per barrel to the Dubai index even before shipment. In terms of delivery, this means a discount of several dollars per barrel compared to Brent crude oil. Russian oil, meanwhile, is being offered at a premium of about $2 to benchmark, making purchases from India's biggest supplier unprofitable, said traders, who asked not to be named. According to sources in the agency, the economic feasibility of intercity transportation is aggravated by transportation costs. This was partially confirmed by the Indian side. As the CFO of Bharat Petroleum Corp pointed out, "the volume of cargo transportation from Russia in November decreased significantly due to a decrease in their commercial feasibility due to the increase in transportation costs, we do not receive profitable offers from Russia." At the same time, it is worth noting that Russian oil export volumes are at a three-year high. The chart shows how, with a sharp drop in supplies to India, the volumes of "Unknown Asia" are growing significantly. In the past, in the sanctions regime, India hid behind it.

India replaces Russian oil with crude from the Persian Gulf Bloomberg reports, citing anonymous "traders involved in the negotiations," that "several" Iraqi oil shipments are being sold at a discount of more than $25 per barrel to the Dubai index even before shipment. In terms of delivery, this means a discount of several dollars per barrel compared to Brent crude oil. Russian oil, meanwhile, is being offered at a premium of about $2 to benchmark, making purchases from India's biggest supplier unprofitable, said traders, who asked not to be named. According to sources in the agency, the economic feasibility of intercity transportation is aggravated by transportation costs. This was partially confirmed by the Indian side. As the CFO of Bharat Petroleum Corp pointed out, "the volume of cargo transportation from Russia in November decreased significantly due to a decrease in their commercial feasibility due to the increase in transportation costs, we do not receive profitable offers from Russia." At the same time, it is worth noting that Russian oil export volumes are at a three-year high. The chart shows how, with a sharp drop in supplies to India, the volumes of "Unknown Asia" are growing significantly. In the past, in the sanctions regime, India hid behind it.