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Russian oil discounts rise as refiners shun Rosneft, Lukoil
Mint Mumbai
|November 19, 2025
The discounts have increased from $1.7-4 in October to $5-6 per barrel in the past fortnight
In FY25, Rosneft and Lukoil accounted for about 60% of Russia's total oil exports to India of 88 million tonnes.
(REUTERS)
Discounts on Russian oil have jumped in less than a month as buyers shun oil from sanctioned entities Rosneft and Lukoil.
International buyers avoided Russia after its invasion of Ukraine in 2022, prompting Moscow to offer discounts close to $30 per barrel. Discounts in October, when India and China stepped up purchases, were in the range of $1.7-4 per barrel. They have now increased to $5-6 in the past fortnight, two industry executives said.
"As offtake of Russian oil has dipped, suppliers are increasing the discounts on offer, and are expected to rise further with the sanctions on Rosneft and Lukoil coming into effect," one of the people cited above said on the condition of anonymity.
This story is from the November 19, 2025 edition of Mint Mumbai.
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