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Narrowing Russian Oil Discount Impacting Indian Buying

OIL

Indian refiner Bharat Petroleum Corp (BPCL) is still in talks with Russian oil major Rosneft to buy oil under a term deal but narrowing discounts are stalling progression.

  • "Yes, there were discussions happening with Rosneft but not yet concluded," according to BPCL head of finance Vetsa Ramakrishna Gupta.
  • "If the crude discount comes down (further) then there is no good advantage or commercial advantage of taking Russian crude" he said.
  • An Indian government official last month said narrowing discounts and payment problems could hit India's Russian oil imports. OPEC+ production cuts are supporting the narrowing of discounts as sour markets tighten.
  • On the western price cap of $60/bbl being breached of late he said - "At least for the time being we are not foreseeing any problems because more banks are ready for settlement ... we have to wait and see in case of any purchases beyond the price cap if there are any issues or not."
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