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India mentioned to skip shopping for Russia’s ESPO crude in September as freight prices soar

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India, which hardly ever used to purchase Russian oil, has emerged as Moscow’s greatest oil buyer after China since Russia’s invasion of Ukraine in late February.

India, which hardly ever used to purchase Russian oil, has emerged as Moscow’s greatest oil buyer after China since Russia’s invasion of Ukraine in late February.

Indian refiners are set to skip purchases of Russian ESPO crude oil this month attributable to increased freight charges, turning to Africa and the Center East as an alternative, trade sources mentioned.

India, which hardly ever used to purchase Russian oil, has emerged as Moscow’s greatest oil buyer after China since Russia’s invasion of Ukraine in late February.

Refiners in India have been snapping up nearly all grades of Russian crude, making the most of reductions after sanctions led some entities within the West to halt purchases. Nonetheless, increased costs are set to chill Indian demand, channeling provides to China.

“On internet again foundation after factoring within the freight, the landed price of ESPO is popping out to be $5-$7 a barrel costlier compared to comparable grades from different nations resembling UAE’s Murban,” mentioned an Indian trade supply aware of the matter, including that Russian oil had beforehand been cheaper.

As an alternative of ESPO, Indian firms are shopping for different grades resembling these from West Africa that give higher yields, he mentioned.

The value hole between Brent and Dubai benchmarks has additionally narrowed.

Indian firms are shopping for different grades resembling these from West Africa that give higher yields

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By- The Hindu

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