March 16, 2023 16:43 GMT
US Official Dispute's India Paying Above Price Cap Via Cargo Costs
Russia is not benefitting from high cargo costs on shipments of oil to India according to a US official speaking to Reuters.
- "It's true that the all-in cost to the buyer has crept up the past couple of weeks, as those transportation costs have got higher," the official said on condition of anonymity. "But the market is clearing well below the price cap for the oil."
- “Russian oil cheapened significantly relative to non-Russian oil when the price cap was implemented. And since then, that large discount for Russian oil has remained stable,” the official said.