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India Hesitant on Commitment to Oil Price Cap Plan

RUSSIA
  • India are seeking a broader consensus before it endorses the US-led effort to cap the price of Russian oil, which American officials are expected to push for this week when they travel to India this week, according to Bloomberg. India remain one of the biggest buyers of Russian oil this year, and remain hesitant to endorse the plan unless a consensus is reached with all buyers.
  • Citigroup have said that flows of Russian crude oil may drop by more than 1m b/d as more EU sanctions kick in by December, with further sanctions beginning in February. However, the bank said that projections of a loss of 3m b/d are “largely overstated”. Russia’s Ministry of Economic Development has forecast oil output at 9.54m b/d in 2023 compared to 10.34m b/d this year.
  • Industrial production and weekly CPI data are due later today, with the Bank of Russia also releasing their latest survey of inflation expectations.

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