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Higher discounts likely to prompt India to buy more crude oil from UAE

Currently, the price of Russian Urals grade crude is trading close to the $60 limit, beyond which sanctions take hold

oil, export, trade, crude oil
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Subhayan Chakraborty New Delhi

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Higher discounts on crude oil offered by the United Arab Emirates (UAE) to wean India away from Russian crude may soon see Indian refiners ramping up purchases from the Gulf nation, officials at multiple refiners said.

They also pointed to the recent agreement on trade settlement in national currencies signed between India and the UAE as a reason for this.

“While discussions are underway, the UAE has offered discounts on crude, which will be more than that of the current level of Russian discounts. There have been periodic talks on the issue but the pace has intensified in recent months

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First Published: Jul 19 2023 | 9:37 PM IST

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