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The Economic Times
The Economic Times

India loses Russia oil discount as Red Sea, Hormuz risks upend crude markets

NEW DELHI: Traders have stopped offering discounts on Russian crude sold to India as disruptions to Middle Eastern supplies have boosted demand for alternative grades, the head of finance at Indian state refiner Bharat Petroleum Corp said on Thursday.

Refiners in India, the world's third-biggest oil importer and consumer, have raised ‌purchases of ⁠Russian ⁠oil as supplies from traditional producers in the Middle East have been disrupted.

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