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India Wants Russia to Discount Its Oil to Below $70 a Barrel

  • Country wants compensation for increasing risks with the trade
  • State refiners can take 15 million barrels a month of the oil
Updated on

India is trying to get deeper discounts on Russian oil to compensate for the risk of dealing with the OPEC+ producer as other buyers turn away, according to people with knowledge of the matter.

The South Asian nation is seeking Russian cargoes at less than $70 a barrel on a delivered basis to compensate for additional hurdles, such as securing financing for purchases, in high-level talks between the two countries, said the people, asking not to be identified as discussions are confidential. Global benchmark Brent is currently trading near $108 a barrel.