Indian refiners eye higher Russian oil imports as discounts widen, talks with US drag on

Discounts on Russia’s Urals crude for November loadings are currently at $2–$2.50 per barrel below Dated Brent, making it an attractive option, according to people familiar with the matter.

The rate is cheaper than the $1-per-barrel discount seen in July and August, when Moscow curtailed exports to meet domestic demand.

According to the report, ship-tracking data indicate that crude arrivals from Russia are already on the rise.

Imports could average about 1.7 million barrels per day in October, according to Kpler Ltd., reflecting a roughly 6% month-on-month increase, though still slightly below the same period last year.

However, it remains uncertain whether Indian refiners will continue to maximise Russian crude purchases amid ongoing talks with the US, the people said.

Officials from New Delhi last month described the discussions as “constructive”, despite Washington’s demand that India halt Russian oil imports.

At the same time, India’s state-run refiners have started negotiations with national oil companies in the Middle East and Africa for term supply deals in 2026, the people added.

These refiners are reportedly seeking larger volumes from suppliers offering flexibility, such as the ability to resell or optimise cargoes should Russian imports become more favourable.

Spokespeople for Indian Oil Corp., Bharat Petroleum Corp., and Hindustan Petroleum Corp. did not respond to emails seeking comment.