West Asia War: Has India's Discounted Russian Oil Era Concluded?

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West Asia War Ends India's 'Cheap Russian Oil' Era; Urals Now Costlier Than Brent

The era of 'cheap Russian oil' was a cornerstone of India’s post-pandemic recovery and its efforts to manage the current account deficit. Representational pic/Reuters

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News18•06-03-2026, 23:10

West Asia War Ends India's 'Cheap Russian Oil' Era; Urals Now Costlier Than Brent

•Russian Urals crude now trades at a premium to Brent for Indian deliveries, reversing a four-year trend.
•West Asia conflict and Strait of Hormuz disruption severed India's traditional energy routes, creating scarcity.
•US Treasury granted a 30-day waiver for Indian refiners to legally resume Russian oil purchases, inadvertently raising prices.
•Increased maritime insurance and freight costs via Cape of Good Hope contribute to the premium despite Baltic discounts.
•This shift poses a significant fiscal challenge for New Delhi, impacting domestic fuel prices and the Indian rupee.

Read Full Article on News18 in English

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