Indian Refiners Pay Premium as Russian Oil Discounts Dry Up Amid Middle East War

Indian refiners are now being forced to purchase crude oil at premium prices as the discounts that were previously available on Russian and Venezuelan oil have largely disappeared. The discounts had briefly widened during a period when a temporary truce in the Middle East conflict increased the overall supply of available crude. However, since that truce period ended, the discount on Russian crude has nearly vanished entirely. The price reduction on Venezuelan oil has also narrowed significantly, adding further cost pressure on Indian buyers. The development signals tightening conditions for Indian refiners who had grown reliant on discounted supplies from sanctioned producers.