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India, China Buy Russian Oil In April Above $60/bbl Cap

OIL

India and China have bought the majority of Russian oil so far in April at prices above the Western price cap of $60/bbl according to traders and Reuters calculations.

  • Reuters calculations suggest Urals FOB prices from Baltic ports have been slightly above the $60/bbl price cap so far in April.
  • India accounts for more than 70% of the seaborne supplies of the grade so far this month and China for about 20%.
  • Several Indian banks informed refiners they will not handle payments for Russian oil bought above the price cap, a refinery executive said.

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