India continues to buy a lot of Russian oil despite a significant narrowing in its discount to Brent, Bloomberg has reported, citing sources from local refiners. In early August, the price of Russia’s flagship Urals blend delivered to the west coast of India hit $81 per barrel. Just a month earlier that price was around $68, Argus pricing data cited in the report shows.
Purchases, however, have not slowed down because, according to Bloomberg sources, comparable oil blends from Middle Eastern producers cost more. “There was a perception…India Will Continue To Buy Russian Oil Even As Prices Climb
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