Prices for Russian flagship crude oil intended for Indian ports at the end of August and early September are showing fluctuations. The discounts on Brent crude in India and Turkey are nearing the lowest levels since 2022.
Spot discounts for Urals crude have widened, now standing at $1.50 to $1.60 per barrel under Brent, based on delivered ex-ship (DES) terms. This marks a shift from a month ago when the discounts ranged from $1.70 to $2 per barrel below Brent.
The evolving dynamics of the market indicate a trend where prices are becoming more competitive, reflecting ongoing geopolitical and economic factors influencing oil trade. As the situation develops, it will be crucial to monitor how these changes affect overall supply and demand, particularly in the context of India’s energy needs.
