No Discount From Russia, Indian Oil Refiner May Get Back To UAE & Iraq

The Indian oil refiners may not be dependent on Russia for oil anymore as there is no discount provided by their side, said a leading media company in one of its reports. According to the information, the Indian pil refiners may turn to Gulf countries again as the Gulf countries are providing long periods of credit. 

As per the official quoted in the report, the Russian discount over oil supply disappeared over time and it does not make sense to buy oil from Russia while the current status of the discount on Russian oil has not been disclosed in the report. 

The Indian oil refiners are getting back to Gulf countries as they are offering a visible discount and also nearer to the Indian seashore. The official mentioned in the report did not talk about the comparative difference between the oil from Russia and that offered by Iraq and UAE. As per the additional information given in the report, usually, the credit period provided by the suppliers is of 30 days but the Gulf countries are willing to give credit of 60 days. 

The reports also mentioned some experts who said as Russian oil forms 40 per cent of India's crude imports now, the shift will not be easy to make.