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India’s Reliance to Buy Russian Urals Crude in Roubles: Reuters

OIL

India’s Reliance, which operates one of the world's largest refining complexes, has signed a one-year deal with Russia’s Rosneft for at least 3m bbl/month of Urals crude to be paid in roubles, Reuters said.

  • The shift to roubles follows Putin’s push for Moscow and its trading partners to circumvent Western financial payment systems amid sanctions.
  • The deal will help Reliance to secure oil at a discounted rates at a time when the OPEC+ group of oil producers is expected to extend voluntary output cuts.
  • India has become the third-biggest buyer of oil and the largest buyer of Russia’s seaborne crude.
  • Reliance will also buy 1-2 cargoes per month of ESPO blend from Russia’s Kozmino port on the Pacific Coast. It is pricing at a $1 premium to Dubai crude, Reuters said.
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