Reuters: Rising discounts on Russian oil renewed interest of Indian refineries
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Indian state-owned oil refiners have renewed their interest in purchasing Russian Urals oil after discounts on it increased significantly. About writes Reuters, citing informed sources.

We are talking about such Indian refineries as Indian Oil, Hindustan Petroleum, Bharat Petroleum and Mangalore Refinery. Together, they provide more than 60% of the country's refining capacity.

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In July, the companies suspended purchases of Russian oil due to the reduction of discounts and statements by the US President Donald Trump regarding sanctions. State-owned refineries compensated for the decline in supplies from Russia by purchasing from Brazil, West Africa and USA. But now the situation has changed.

According to traders, in October, discounts on Russian Urals oil delivered to India rose to about $2.70 per barrel, up from $1-1.50 at the end of July. This makes supplies cheaper than a month ago.

India's Bharat Petroleum said it is ready to continue to meet up to 35% of its oil needs from Russian supplies, provided there are no new sanctions.

Currently, more than a third of India's total oil imports are from Russia. Private companies, such as Reliance Industries and Nayara Energy, have long-term contracts for its supply.