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Russia Sells Oil to India at $80/bbl

OIL

Russia is selling oil to India at almost $80/bbl, well above the G7 price cap of $60/bbl, traders said and Reuters calculations showed.

  • FOB estimates for Urals cargoes loading from Baltic ports in October were close to $80/bbl on Thursday for Indian customers.
  • "Russia has low inventory levels and their production is also cut," said an official at an Indian refiner that regularly buys Russian oil, explaining the latest jump in prices.
  • Cuts have helped narrow discounts for Urals at Indian ports to $4-$5/bbl versus dated Brent from $6-$7/bbl two weeks ago, trading sources said, referring to prices for cargoes loading in late October.
  • "Urals prices are on the rise again. Alternatives are much more expensive and not easily available," a trader familiar with the Russian oil market said.
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