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Average Price of Russian Oil for India Lowest Since Invasion

OIL

The average cost of Russian crude landing on Indian shores in March hit the lowest level since they began seriously buying Russian volumes last year after the invasion of Ukraine.

  • India paid $70.18 for every barrel of crude oil it purchased from Russia in March, down from $72.14 in February and $118 a year earlier according to Ministry of Commerce and Industry data.
  • Vortexa indicated that Russian crude flows rose to their highest yet in April.
  • Imports from Iraq, India’s second largest supplier, averaged $77.57 per barrel in March while those from Saudi Arabia were much higher at $87.01 per barrel, Tuesday’s data showed.
  • Increased competition for cheap Russian barrels from China as its economy reopens may cause Urals discounts versus international benchmarks to tighten in the months ahead.

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