Published by Global Banking & Finance Review®
Posted on March 4, 2026
3 min readLast updated: April 2, 2026
Add as preferred source on GoogleAmid disruption in Middle Eastern oil flows via the Strait of Hormuz, Indian and Chinese buyers are showing renewed interest in Russian crude, though prices and discounts remain stable. Freight rates have surged sharply, but Urals discounts hold steady.
MOSCOW/NEW DELHI/SINGAPORE, (Reuters) March 4 - Buyer interest in Russian oil in India and China is being spurred by concerns over Middle Eastern supply though prices have not yet reacted, five traders told Reuters on Wednesday.
Disruption to flows via the Strait of Hormuz at the southern tip of the Gulf has tightened availability of Middle Eastern grades and pushed freight rates higher, traders and analysts said.
Indian refiners have approached Russian sellers about prompt March and April deliveries, according to two traders and an industry source.
"Indian refiners are now consulting with the government about the possibility of additional Russian imports,” one source said.
Chinese buyers are also showing interest, though recent buying has left them with supply.
"China bought large volumes at low prices ahead of the Lunar New Year, so it can afford to wait until the outlook for the war in Iran becomes clearer," one trader said.
Another trader added: “Buyers expect the conflict in Iran to end soon and are reluctant to pay more with Brent at current levels."
China in recent months has absorbed barrels displaced from India, increasing its seaborne purchases to multi‑month highs at deeply discounted prices, traders said.
The discount for Russian Urals crude loading from the port of Primorsk free on board (FOB) was $25-26 per barrel to dated Brent on Tuesday, steady with recent estimates, the latest available LSEG data showed.
Discounts in Chinese and Indian ports on a delivery basis were also little changed from levels prior to the start of the conflict in Iran.
China and India are already the top buyers of Russian crude, though India has eased buying recently under pressure from Washington.
Indian imports were expected to fall sharply in April due to major maintenance scheduled at Nayara Energy which is part-owned by Russia’s Rosneft and a top buyer.
Other Indian refiners were also set to scale back purchases though the turmoil in the Middle East has forced some to reassess their plans, traders said.
Russian Deputy Prime Minister Alexander Novak said on Wednesday that Moscow is ready to increase oil supplies to China and India, Interfax reported.
(Additional reporting by Siyi Liu and Aizhu Chen in Singapore, Nidhi Verma in New Delhi; editing by Jason Neely)
Concerns over Middle Eastern supply disruptions and higher freight rates are spurring demand from Indian and Chinese buyers, according to traders.
Prices and discounts for Russian Urals crude have remained steady despite rising interest, traders report.
Indian imports are expected to decrease due to refinery maintenance and pressure from Washington, but Middle East turmoil is causing reassessment.
China bought large volumes ahead of the Lunar New Year at low prices and now waits for increased market clarity before new purchases.
Russian officials have stated they are ready to boost oil exports to China and India to meet demand.
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