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Indian Oil Processors Open to Buying More Cheap Russian Crude

RUSSIA
  • India’s oil processors are open to buying even more Russian crude if the price is right, said refinery executives, potentially providing a bigger outlet for Moscow, Bloomberg report. Indian refiners are able to turn cheap Russian crude into fuels such as diesel and then sell to regions including Europe, boosting profit margins for processors.
  • LNG production at Russia’s Sakhalin-2 plant last year reached around 11.5 million tons, more than planned, the project’s operator said in a statement on its website. Key buyers of LNG from the project were Japan, China, South Korea and Indonesia. Oil was mainly sold to China, South Korea and Japan.
  • Prime Minister Mishustin will hold a weekly government meeting today, while the Bank of Russia will report weekly changes in its gold and FX reserves today at 1300 GMT/1600 local time.
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