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India Becoming Increasingly Cautious on Contracted Russian Oil

RUSSIA
  • India’s state-run oil refiners are shying away from contracted Russian crude supply as the once-booming trade becomes much harder under tighter enforcement of US sanctions, Bloomberg report. The biggest state-owned refiner Indian Oil Corp. will likely reduce the amount of crude received, while Bharat Petroleum Corp. and Hindustan Petroleum Corp. have decided against making firm commitments to take contracted oil next financial year, six people familiar with the matter said.
  • Citing a consensus forecast prepared by the Price Index Center, Vedomosti report that the average export price of Russian pipeline gas will drop another 11.5%, or $35, per 1,000 cubic meters to $270 in 2024 after plunging by 61% in 2023. The price is expected to fall a further 3.7% in 2025, it added.
  • Weekly CPI and budget balance data is on the docket today. There are no major releases scheduled for the remainder of the week.
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