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Indian State Refiners Seeking Term Deals for Urals

OIL

India’s state-owned refineries are in talks with Russia to secure term deals for crude supplies following similar discussions with private refiner Reliance.

  • The Indian state refiners are seeking 26-30 Urals cargoes a month for the current fiscal year as part of the talks according to Bloomberg sources.
  • Discussions also include the possibility of optional volumes.
  • Indian state refiners have been seeking a fixed discount of $5/bbl as part of the deal, while Russia is holding out for $3 - the figure agreed with Reliance.
  • The lack of price agreement is holding up the discussions with more significant discounts on Russian barrels now seemingly gone.
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