Reuters, October 8th report, the US-India trade negotiations have been delayed, and the abundant supply of Russian oil has pushed up discounts, so Indian refineries may continue to expand their imports of Russian oil. A source said that the Urals crude oil from Russia for November shipment is discounted by $2-2.5 per barrel compared to the spot Brent crude oil, which is a significant increase from July-August. According to data from shipping intelligence company Kpler Ltd., India imported an average of about 1.7 million barrels of crude oil per day from Russia in October, an increase of about 6% compared to the previous month. Analysts pointed out that given the ongoing US-India trade negotiations, it is unclear whether India will continue to purchase discounted Russian oil at the maximum intensity. Currently, Indian state-owned refineries have begun negotiations with oil companies in the Middle East and Africa on long-term supply agreements for 2026, planning to seek more diversified sources of supply.
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