India Ramps Up Discounted Russian Oil Imports, Now Making Up Over One-Third of Crude Purchases
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Discounts on Russian oil imported by India have nearly doubled in 2 months to $8-10/barrel as state refiners pressured suppliers.
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Russian oil now accounts for 38% of India's crude imports, up from 33% in August. Imports surged 25% in September after dropping 30% in August.
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State refiners buy nearly all Russian oil from non-Russian entities to get better discounts and avoid payment issues.
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State refiners pay for Russian oil in US dollars or UAE dirham based on supplier preference, not yuan.
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Indian refiners can pay above the G7 price cap as restricting Russian oil could spike prices further, which G7 doesn't want.