OREANDA-NEWS Against the background of lowering the ceiling on Russian oil prices imposed by the European Union and a number of other countries, Indian buyers began demanding that Russian suppliers increase the discount three times or more due to potential risks, to ten dollars per barrel relative to the Brent benchmark grade. This was reported by Reuters with reference to four traders involved in the supplies.

Recently, the discount for September shipments ranged from two to three dollars, so the new conditions look like a serious deterioration.

Agency sources claim that suppliers are not yet ready to agree to such deals and threaten to send some of the spot shipments destined for India to China. This will lead to a certain decrease in supplies in October, although it is difficult to say how significant it will be.

The reason for the new requirements was the tightening of control by banks and growing uncertainty due to disagreements in the sanctions policy of the United States and Europe regarding Russian oil.

Since September 3, the new ceiling on Russian oil prices for companies from the European Union has dropped to $ 47.6 per barrel. It prohibits European companies from participating in the transportation of Russian oil and the provision of related services if a batch of raw materials is sold at a price above the restrictions. A number of European countries and Canada joined the changes.

In fact, the changes will affect the October shipments, since the restrictions will not apply to those carriers that have loaded the shipment onto the ship and will hand it over to the buyer within 45 days of the tightening of conditions. It will be possible to estimate the estimated volume of supplies to India in the next two weeks.

Earlier it became known that US President Donald Trump called on the European Union to raise duties to 100 percent for India and China for their purchase of Russian oil.