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US Officials Satisfied India is Buying Russian Oil Below Cap

OIL

India is buying Russian crude at a steep discount to the G7 price cap according to State Department officials this week.

  • The Biden Administration will continue to discuss the issue with India but are so far satisfied with the trade because it is beneath the cap.
  • It’s good both for the Indian economy and for stabilizing oil markets that India is buying crude at deep discounts from the cap, the officials said.
  • India’s imports of Russian crude hit a record in January, at 1.4 million bpd, only to break it in February, when imports rose to 1.85 million bpd, according to tanker tracking data.
  • India has emerged as the biggest buyer of Russian oil which spurred record refinery run rates in January.
Energy BulletsCommodities
Energy BulletsCommodities

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