The price gap that once made Russian Urals crude a go-to for Indian refiners is rapidly shrinking. Traders say the discount on Urals oil for August delivery to India has narrowed to just $1.70–$2 per barrel below dated Brent—the tightest spread since Russia invaded Ukraine in 2022. That discount is down from $2–$2.50 in July, and well below the steep markdowns India enjoyed throughout 2023 and early 2024. The reason? High demand from India and Turkey, reduced spot market availability, and falling Russian supply due to domestic…
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