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Oil Traders Selling Pricey Russian Crude Chafe Indian Refiners

  • Refiners aren’t seeing record discounts offered to Europe
  • Traders say deals could be highly lucrative for the seller

Indian refiners that are among the few remaining eager buyers of Russian oil are baffled as to why they’re paying nearly full cost for cargoes that are being offered at record discounts in Europe. 

Processors in the South Asian nation recently bought millions of barrels of Urals crude via open tenders, with some supplies going at a premium of $1 a barrel to London’s Dated Brent benchmark on a delivered basis, said traders. That compares with discounts of more than $30 a barrel for the same grade in Europe.