Russian oil value for India eased in September vs Aug – govt knowledge

NEW DELHI, Nov 6 (Reuters) – The typical landed value of Russian oil for Indian refineries in September eased from August, in keeping with Indian authorities knowledge, indicating widening reductions.

Spot reductions for Russian crude in September began to widen as Indian refiners decreased purchases as a consequence of excessive costs and upkeep outages, Reuters reported in August.

India purchased Russian oil at a mean value of about $81.7 per barrel, in comparison with about $86 per barrel in August, in keeping with Reuters’ calculations primarily based on the most recent knowledge posted on the Indian Commerce Ministry’s web site.

Refiners in India largely purchase Russian oil on a delivered foundation, with sellers arranging for transport and insurance coverage.

India will depend on imports to satisfy greater than 80% of its general oil wants and barely purchased Russian oil up to now as a consequence of excessive transportation prices.

Nevertheless it has change into the largest purchaser of seaborne Russian crude as western nations shunned purchases from Moscow over its invasion of Ukraine in February 2022.

The information doesn’t specify freight, insurance coverage and different prices paid by the refiners however the buy value is considerably above the $60 per barrel value cap imposed by G7 nations.

Russian oil has largely traded above the worth cap since mid-July, as reductions narrowed as a consequence of output cuts by OPEC+ producers, together with Saudi Arabia and Russia.

The typical value paid by India for Russian oil in September was decrease than for barrels from Iraq and Saudi Arabia, which averaged $83.56 and $96.16, respectively, the information confirmed.

India imported about 1.42 million barrels per day (bpd) of Russian oil in September, down round 9% from August, whereas imports from Iraq rose by about 8% to 918,000 bpd, the information confirmed.

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