MOSCOW: Russian crude oil is being sold at lower prices to Indians as European Union sanctions and US fine threats have led to a drop in demand. This was revealed by data intelligence firm Kepler Limited.

The price of Urals, the leading oil of OPEC+ producers, is reported to be more than $5 per barrel lower than dated Brent. Until two weeks ago, both were priced at the same price. It is estimated that prices are likely to fall further as uncertainty over US sanctions continues. This may prompt government and private refineries to turn away from Russia. Meantime, reports indicate that supply will increase from August to October as plant maintenance is underway in Russia.

Kepler explains that replacing Russia's 37 percent market share would be expensive for Indian refineries, so a complete halt to imports is unlikely. While private companies are buying Russian oil, state-owned companies are considering a temporary halt, the data intelligence firm says. Meanwhile, India's crude oil imports from the US have risen to 225,000 barrels per day since May 2025, double what they were at the beginning of 2025, pointed Kepler.