Rising shipping costs and Gulf crude discounts lead India to reduce Russian oil purchases

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智通财经2026/10/26 12:06

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Ocean freight rates continue to rise, narrowing the arbitrage opportunities for long-distance crude oil procurement. Indian refineries are turning to Persian Gulf sources, reducing their proportion of Russian crude purchases.
Trading data shows that some Iraqi crude oil is priced at a discount of more than $23 per barrel to the Dubai benchmark, which, when converted to the Indian landed price, offers a clear advantage over prompt Brent. Russian crude is quoted at a slight premium, making its procurement less cost-effective.
The CFO of India’s state-owned Bharat Petroleum stated that, due to declining commercial returns, the volume of Russian crude arriving in November will be significantly reduced.
In addition to Iraq, Saudi Aramco has recently released spot crude orders with a maximum discount of about $9 per barrel. Abu Dhabi National Oil Company exported about 19 million barrels of discounted crude at the beginning of the month, for December shipment.

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Rising shipping costs and Gulf crude discounts lead India to reduce Russian oil purchases

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