Russian Oil Flows to India Plunge to 310,000 Bpd
9 Articles
9 Articles
Indian refiners are cutting purchases of Russian crude for November delivery after the Urals variety lost its main advantage: low prices. Russian oil loaded from Baltic ports is now being sold at a premium of more than $10 a barrel to Brent, Bloomberg reported, bringing its price almost in line with that of Middle Eastern crude. The shift is prompting Indian companies to shift some of their orders to Gulf suppliers. Some Russian cargoes original…
Indian refineries are reducing the purchase of Russian Urals oil, and the reason for this was a sharp increase in its price, which almost equalled the value of Middle Eastern oil.
India had been buying almost no Urals oil before the Russian invasion of Ukraine, but it began to rapidly increase its imports during the war. This was due to the concessions and Russia's desire to find new buyers for its raw material, which European countries had refused. Eventually, Indian refineries began to buy 1-2 million barrels per day, and in July of this year, due to the Middle East crisis, purchases from Russia jumped to 2.44 million b…
Russian Oil Flows to India Plunge to 310,000 Bpd
India is reducing its imports of crude oil from Russia, but mostly not because of the U.S. tariff threat for buying Russian oil. Economics have always been driving Indian refiners’ purchases, and the past few weeks haven’t been different. Russia is scaling back imports of Russian oil as the price of Russia’s flagship Urals grade loaded in the Baltic ports has jumped and now nearly equals the prices of Middle Eastern crudes, whose availability h…
Key takeaways: Indian refineries are cutting their orders for Russian Ural crude oil for November deliveries, as rising costs diminish the financial benefits that once made Russian oil the first choice for India. According to a Bloomberg report, the previous substantial discounts, which allowed Russia to dominate the Indian energy market following the conflict in Ukraine, […]
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