India shuns costly Russian oil as MidEast flows heal
Indian refiners are reducing purchases of Russian crude as competition from China drives up prices. The lower-cost Middle Eastern oil is now almost on par with Russian grades, prompting the shift. Urals crude, a key Russian export, is being sold at a $10+ premium compared to Dated Brent. Russia's share of India's crude imports fell to 35% in September from 56% in July.
Tanker shipments have also declined to the lowest level since March 2022, averaging just 310,000 barrels a day. China's increasing demand for Russian crude further intensifies competition for Gulf barrels. Despite geopolitical tensions, Middle Eastern oil remains an attractive option for Indian refiners due to shorter shipments and lower costs.
Written by urgent.news from The Economic Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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