Spot discounts for Urals crude narrowed to $2.25 per barrel on average for cargoes arriving in India in July, from $2.70 to $3.10 per barrel to dated Brent on delivery ex-ship (DES) basis in the previous month, the sources said.
That is the narrowest discount for Urals oil cargoes sold to India since the Ukraine war broke out in 2022.
India became the largest buyer of Russian seaborne crude after Moscow diverted its energy supply away from the European Union which imposed a ban.