Indian refiners turn their attention back to Moscow as sanctions pressure may be forced to give way amid geopolitical crises

Golden Ten Data reported on March 4 that despite the sharp surge in global oil prices driven by escalating conflicts in the Middle East, the trading price of Russia's flagship crude oil variety remains at a significant discount. According to Argus Media, the average discount for Urals crude oil exported from Russia's western ports to the global spot Brent crude benchmark slightly widened on Tuesday, reaching $30.9 per barrel, marking the largest price gap since April 2023. Although disruptions in Persian Gulf oil supplies have triggered price increases, this price gap indicates that buyers still require substantial incentives to accept Russian crude oil. Russian Deputy Prime Minister Novak stated that if India has additional demand, Russia is ready to increase supply. Sources revealed that India, which previously reduced purchases due to US pressure, is now considering turning back to Russian sources amid supply disruptions caused by the Iran crisis.