Russian Oil Gets Cheaper For India As US Amps Up Trade Criticism

Russian crude is getting even cheaper for India buyers as New Delhi faces sustained US pressure to cut its oil trade with Moscow, which the Trump administration says is helping fund the war in Ukraine.

The price of Urals crude has dipped to a discount of $3 to $4 a barrel to Brent on a delivered basis, according to people who received offers for the Russian grade, asking not to be identified discussing sensitive information. The price is for cargoes that will load in late September and October, they added.

Indian refiners have continued to buy Russian oil despite US President Donald Trump slapping New Delhi with crushing tariffs for the trade. Repeated criticism from administration officials along with economic penalties have also prompted Prime Minister Narendra Modi to hail the relationship with Moscow.

Last week, Urals was being offered at a discount of around $2.50 a barrel, wider than $1 in July, the people said. That compares with more expensive US crude recently bought by some Indian refiners, which was priced at around a $3 premium to Dated Brent, they added.

Urals is Russia’s flagship oil and ships from the nation’s western ports. India became the largest importer of seaborne supplies from the OPEC+ producer after the start of the war in Ukraine in 2022.