In October, Indian refiners increased their demand for cheaper Urals crude from Russia while reducing imports of more expensive Russian grades. Urals, sold at a $10 discount compared to grades like ESPO and Sokol, made up 90% of Russia's imports, a significant increase from previous months. This shift was driven by the desire to cut costs amid high and volatile global oil prices due to the Middle East conflict, OPEC+ supply limits, and uncertain demand.
