01 Nov, 23

India Swaps Russian Crude For Saudi Oil As Discount Dwindles

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India’s October imports of Russian crude oil were down 4% compared to the previous month, with increased imports from Saudi Arabia. According to IBC, citing Vortexa cargo data, India imported 1.55 million barrels per day of Russian crude in October, compared to 1.62 million bpd in September. The drop in October reflects a dwindling discount for Russian crude, which is frequently selling above the G7-imposed price cap of $60 per barrel, despite buying restrictions. The fall in India’s Russian crude imports for October was balanced out…

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