Bloomberg: India has purchased 60 million barrels of Russian oil for delivery in April
Indian refiners have acquired approximately 60 million barrels of Russian crude oil set for delivery next month. This has eased concerns over supply issues amid the context of the Middle East conflict.
The crude was booked at a premium of $5 to $15 per barrel above Brent crude prices. According to data from analytics firm Kpler, this volume is comparable to this month’s purchases but more than double that of February.
New Delhi officials expect the U.S. exemption policy to be extended as long as disruptions to oil supplies through the Strait of Hormuz persist. They also revealed that refineries such as Mangalore Refinery and Petrochemicals Limited (MRPL) and Hindustan Petroleum Corporation Limited (HMEL), which had avoided Russian oil since December, have now re-entered the Russian market.
The transaction price was set at a $5 to $15 premium per barrel over the Brent crude benchmark. This indicates that although India has increased its procurement, it is no longer securing the extremely low discounts seen during the early stages of the war—instead, it is paying a premium relative to Brent crude.
Original Source: toutiao.com/article/1860624696596480/
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