OIL & GAS

ONGC sells June-loading Russian Sokol crude at record discount as demand for oil weakens sharply: Report

Indian oil explorer ONGC Videsh has sold one cargo of Russian Sokol crude for loading between June 2-8 at a record discount of around $8 a barrel to Dubai quotes, two trade sources said on Monday.

That is the lowest price differential ever recorded, according to Refinitiv Eikon data starting from 2011.

Demand for crude grades like Sokol, which yields more middle distillates such as jet fuel and gas oil after refining, has weakened sharply.

Last month, ONGC sold a Sokol crude cargo 22-28 May at a spot premium of around $3.20 a barrel to Dubai quotes.

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