India seeks oil supply collaboration with Russia

India has urged its state-owned oil refiners and Reliance Industries Ltd. to collaborate in negotiating over a long-term supply deal with Russia, people familiar with the matter told Bloomberg on Tuesday.

The goal is for refiners to secure one-third of their supply from Russia at a fixed discount, shielding the economy from price volatility.

Reliance’s reluctance to share data due to market competition poses a challenge. Despite queries, there’s been no response from the oil ministry or the companies involved.

India, a major buyer of Russian crude, seeks unity among processors to strengthen bargaining power amid sanctions.

Moscow’s offer of a $3 discount, opposed to the desired $5, remains a point of contention. Indian Oil previously had a long-term deal with Russia, now expired, due to disagreements over volume and price.