Russian Urals Oil Discount to India Widens Past $10 a Barrel

According to a Reuters report published July 7 (16 Tir), the discount on Russian Urals crude against dated Brent in Indian ports has widened to more than $10 a barrel, near its widest recent level. Sources say Urals cargoes for August delivery to India have traded at discounts of $10 a barrel or more. The grade had traded at a premium to Brent in India and China from March through June amid supply disruptions from the Middle East war, but that support has faded as Iranian and other Middle Eastern producers resumed exports, giving Asian refiners a wider range of supply options. Weaker refining demand and competition from cheaper Middle Eastern crude were also cited as reasons for the wider discount.