Subscribe to Newsletter to get latest insights & analysis in your inbox. The current markdown is also at least three times the level quoted by traders before the US sanctioned Russian producers Rosneft PJSC and Lukoil PJSC last October. Discounts can vary depending on payment conditions.President Donald Trump announced on Monday that the US would cut import tariffs on Indian goods in exchange for India ceasing to take Russian oil. Imports are expected to remain broadly stable in the 1.1 million to 1.3 million barrels a day range through the first quarter and early into the next, the data intelligence firm said. Kpler put Urals discounts at around $9 a barrel to ICE Brent to India, some $4 to $5 cheaper than Venezuelan barrels.>

Source: Economic Times February 04, 2026 14:12 UTC