Russia oil discount to India shrinks as China sucks supply Back | Mint Primer | Mint

As Russia scrambled for buyers after its invasion of Ukraine sparked Western sanctions, India stepped up as a new major buyer, securing discounts of as much as $15-20 a barrel. This has since fallen below $10 and has touched even $5. The steep discounts India enjoyed on Russian crude oil through most of FY23 have plunged, two government officials aware of the development said, as China boosted purchases and oil producers cut production.