Russia offers oil to India at steep discount of $35 a barrel to pre-war price

Russia offers oil to India

Russia has offered oil to India at a steep discount of $35 barrel on prices before the war as mounting international pressure lowers the appetite for its barrels elsewhere following the invasion of Ukraine, reported Bloomberg.

The sanctions-hit nation is offering its flagship Urals grade to India at discounts of as much as $35 a barrel on prices before the war to encourage India to lift more shipments, according to Bloomberg.

Since then, headline Brent prices have risen about $10, implying an even larger reduction from current prices. Russia wants India to take 15 million barrels contracted for this year just to begin with, and the talks are taking place at the government level.

Asia’s second-biggest oil importer is among a handful of nations that have been doubling down on Russian crude, defying international pressure and sanctions.

Oil futures dived more than $5 a barrel on Thursday morning on news that the Biden administration is weighing releasing some 1 million barrels of oil per day from strategic reserves for several months in a bid to calm soaring crude prices.

Brent futures were down $4.71, or 4.2 percent, to $108.58 a barrel, and U.S. West Texas Intermediate futures were down $5.45, or five percent, to $102.74 a barrel.

The release comes as U.S. oil stocks fell by 3.4 million barrels in the week to March 25, surpassing forecasts of a 1 million barrel drop, but implied demand for gasoline and distillates also declined.

Related Posts
Oil on Edge as Markets weigh Poland Strike, Sluggish Demand
oil in edge

Oil prices fell slightly on Wednesday as investors awaited more clarity on a potential Russian missile strike against Poland, while Read more

Even as reduced demand threatens to limit increases, oil prices continue to rise
oil prices rise

Early Friday trade saw oil prices rise, but they were poised for their first weekly losses in three weeks as Read more

Flight from Bucharest carrying 185 Indians stranded in Ukraine lands in Mumbai
185 Indians stranded in Ukraine lands in Mumbai

An Air India Express flight from Bucharest carrying 185 Indians stranded in Ukraine landed in Mumbai on Friday, an official Read more

Ukraine crisis: IndiGo to operate 6 additional evacuation flights on March 2
Ukraine crisis:

Private carrier IndiGo, which is assisting the government in its efforts to rescue the Indian nationals stranded in Ukraine, will Read more

0 0 votes
Article Rating
Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments
0
Would love your thoughts, please comment.x
()
x