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MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
OIL
Russia’s exports of crude oil to India slumped in November, according to Platts, amid rising freight rates and tighter sanctions compliance.
- Exports to India of crude oil from Russia fell to 892k b/d in November, the first month below 1m b/d in 13 months. This is also down 47% on the month. Exports in 2023 have averaged 1.53m b/d.
- The fall comes as India is forced to find non-G7 shipping capacity to circumvent the $60/b cap on Russian crude. Lump sum value for a Baltic/Black Sea voyage to India has risen to $8.7m-$9.25m, compared to $4.2m in October.
- The Urals-Brent discount for delivered India is around $4.10/b, the narrowest since January.
- A dispute over Rupee payments has also hampered crude trade.
- Although exports were down in November, imported crude from Russia into India (volumes which were exported in October or early November) rebounded 9.7% in November to 1.74m b/d after several refineries resumed operations.
Source: S&P Global Commodity Insights
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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