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