International oil traders are flocking to India

According to a Bloomberg report, a horde of small, less well-known oil traders are swarming to India to sell Russian crude, offering steeper discounts and new ways for Indian buyers to buy supplies rejected by the West.

As a result of Western sanctions, India has already been buying Russian crude at a discount, making it one of Russia's top oil customers since its invasion of Ukraine.

Indian buyers are working with small, unknown oil trading companies, who are selling Russian crude at even lower prices, despite the country's recent decline in demand for Russian crude.

According to sources cited by Bloomberg, some foreign traders have been selling barrels at discounts of around $8, and state-run refineries like Indian Oil are considering deals because they involve less red tape than purchasing from Russia directly.

According to Bloomberg, Sri Lanka has also turned to foreign traders, receiving a shipment of Russian oil in May and then buying more in July.