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India To Remain Top Buyer Of Russia's Urals For Second Month

OIL

India will be the top importer of Russia's Urals crude oil in December for the second consecutive month, according to traders and Refinitiv data.

  • Volumes and India's share of the exports are expected to rise month on month despite a shorter loading plan for Russia's Western ports, traders said.
  • In November, India accounted for about 53% of the total Ural tanker shipments, the highest level on record. India’s share may be exceeding 70% of total loadings in December, according to market participants.
  • India is buying the Urals crude at deeper discounts this month well below the $60/bbl G7/EU price cap.
  • At least 2mn tons of the Urals has already been sent to India, while market players expect the monthly volume to jump as more shipping data emerges.

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