Russia's oil discounts to India paused

The disturbances in Middle Eastern oil supplies increased the demand for alternative raw materials, leading to the cancellation of discounts on Russian oil aimed at India. These discounts had previously exceeded $10 per barrel compared to Brent crude. Traders primarily stopped offering these discounts, even though they continued to ship Russian cargoes to India in September, a country that imports approximately 69% of its oil needs through the spot market, with the role of contracted deals diminishing due to geopolitical tensions. The escalation of security risks across the Red Sea has also driven up oil costs, resulting in quarterly losses for the first time in 15 quarters for Bharat Petroleum, due to rising prices and shrinking profit margins.

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