Russian Crude Oil surges on India’s market
Current crisis is reshaping the crude oil market!Â
India’s imports of Russian oil hit a record this month, driven by a deeper discount on the country’s crude!
Tweet on Crude Oil market in India
Russia’s crude oil surges in India’s market
India's imports of Russian oil are set to hit a record this month, driven by a deeper discount on the country's crude.#CrudeOil #oilprice pic.twitter.com/LzKROyKtgV
— The_Journalbiz (@the_journalbiz) December 12, 2022
Kpler Chart on India’s crude oil
Russian crude loadings bound for India rose to 1.56 million barrels this month so far, accounting for over half of Russia’s exports, according to Kpler data. That’s up from 1.16 million last month.
Russia’s crude has become cheaper since the European Union’s latest sanctions and the Group of 7 price cap came into force on Dec. 5. One popular grade, known as Urals, traded at $38.74 a barrel last Friday, according to Argus, a price reporting agency. Thomson Reuters data showed it around $50 a barrel last week.
The discount is the main reason for the rise in loadings to India, according to executives at state-owned Indian oil companies. The government instructed these firms to load up on Russian crude before the price cap, the executives said.
