India is trying to get deep discounts on Russian oil to offset the risk of a deal with the OPEC+ producer, as other buyers may be offend by it.
According to sources, India is seeking Russian cargo at less than $70 a barrel on a distributed basis to offset additional hurdles such as securing financing for purchases in high-level talks between the two countries. Global benchmark Brent is currently trading near $105 per barrel.
India is also heavily dependent on Russian arms imports.
Government-affiliated processors would benefit from any possible settlement, he added. Private refiners like Reliance Industries and Naira Energy usually buy their feedstock individually.
Russia’s Far East, which become more accessible during the summer. Both countries are exploring re-routing some of the crude oil in the Far East through Vladivostok.
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