China and India, the main customers of Russia's crude oil in recent months, have snapped up in April Russian cargoes at prices above the $60 per barrel price cap set by the G7, Reuters reports, citing traders and its own calculations. Russia's flagship crude grade Urals is now trading above the $60 price cap and has headed mostly to India and China so far this month, per data from Refinitiv Eikon cited by Reuters.
India is estimated to account for over 70% of the Urals shipments in April, and China is receiving 20% of those shipments so far this…China And India Buy Russian Crude Above The Price Cap
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