Some Indian Crude Purchased Above $60/bbl Price Cap

Some Russian crude imports by Indian refiners have been purchased above the $60/bbl price cap, Indian Oil Secretary Pankaj Jain said.

• “Most of the crude purchased by Indian refiners from Russia was below price cap. Some cargoes were above,” Jain said.
• Some payments for Russian cargoes have been delayed but refiners are coming up with solutions to pay for the nation’s crude purchased above the price cap, he added.
• Last week an Indian firm lost industry standard insurance from a Western firm for its Russian crude oil shipment after buying oil above the price cap.
• Earlier this month, several Indian banks have told refiners and authorities they won’t process payments for oil priced above the G7 cap.