October 9, 2026: Indian refiners have cut back Russian crude purchases for November delivery, as rising competition from China pushes up prices at a time when buyers can tap alternative shipments from the Middle East.

Surging prices for Russia’s flagship Urals crude loaded in the Baltic, a mainstay for Indian refiners, are driving the pullback, according to people familiar with the matter. Economics have outweighed Washington’s pressure on New Delhi to reduce purchases from Russia, its biggest crude supplier.

Russian crude is being offered at premiums of more than $10 a barrel to Dated Brent, the people said, asking not to be named as the information is commercially sensitive. Once sold at steep discounts, those barrels are now priced almost at par with Middle Eastern grades, prompting Indian refiners to turn back to Persian Gulf suppliers, the people said. Some of those cargoes are also being offered to Chinese independent refiners

(Source: Bloomberg)