Bloomberg compared the price of Urals and Brent crude oil

Indian refineries pay $2-4 more per barrel of Urals crude oil than for Brent. This was reported on March 6 by Bloomberg, citing sources familiar with the course of the transactions.

According to the agency, Indian companies have already contracted more than 10 million barrels of oil from Russia immediately after the United States temporarily eased trade restrictions.

According to ship tracking systems, significant amounts of Russian raw materials are already in the immediate vicinity of India. About 15 million barrels are on tankers in the Arabian Sea and the Bay of Bengal, and another 7 million barrels are concentrated in the Singapore area. These shipments are expected to reach Indian ports within a week. In addition, additional Urals oil tankers pass through the Suez Canal and the Mediterranean Sea.

Earlier, India, which became a key buyer of Russian raw materials at a discount after 2022, was forced to reduce purchases due to Washington's sanctions pressure. However, the escalation of the conflict in the Middle East has limited access to alternative suppliers from the Persian Gulf, forcing the United States to provide New Delhi with a short-term "respite." Even those state-owned giants that have suspended purchases since December last year have returned to the market, in particular Mangalore Refinery and Petrochemicals Ltd. (MRPL) and Hindustan Petroleum Corp Ltd. (HPCL).

According to the analytical company Kpler, at least 18 Urals oil vessels have already changed destinations, heading towards India. Experts predict a further increase in supplies.

"Oil refiners can quickly increase purchases again, potentially raising volumes above 2 million barrels per day in the near future. The sharp discounts that were previously observed on Russian oil may significantly narrow and even shift towards insurance premiums," said Sumit Ritolia, an information analyst at the company.

Ural gold: higher oil prices will not cover the budget deficit

Will the treasury be replenished with energy resources that have risen in price due to the conflict in Iran and what will happen to the ruble?

On March 6, US Treasury Secretary Scott Bessent announced the US permission to buy Russian oil from India. It was clarified that the exemption from sanctions applies to oil that is currently "stuck" in the sea.

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