{"id":8555,"date":"2023-11-06T14:57:58","date_gmt":"2023-11-06T14:57:58","guid":{"rendered":"https:\/\/roydadnaft.ir\/English\/?p=8555"},"modified":"2023-11-10T07:23:43","modified_gmt":"2023-11-10T07:23:43","slug":"russian-oil-price-for-india-eased-in-september-vs-aug-govt-data","status":"publish","type":"post","link":"https:\/\/roydadnaft.ir\/English\/8555\/","title":{"rendered":"Russian oil price for India eased in September vs Aug – govt data"},"content":{"rendered":"

RoydadNaft – <\/a><\/span>\u00a0The average landed price of Russian oil for Indian refineries in September eased from August, according to Indian government data, indicating widening discounts.<\/p>\n

Spot discounts for Russian crude in September started to widen as Indian refiners reduced purchases due to high prices and maintenance outages, Reuters reported in August.<\/p>\n

India bought Russian oil at an average price of about $81.7 per barrel, compared to about $86 per barrel in August, according to Reuters’ calculations based on the latest data posted on the Indian Trade Ministry’s website.<\/p>\n

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Refiners in India mostly buy Russian oil on a delivered basis, with sellers arranging for shipping and insurance.<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n

India depends on imports to meet more than 80% of its overall oil needs and rarely bought Russian oil in the past due to high transportation costs.<\/p>\n

But it has become the biggest buyer of seaborne Russian crude as western nations shunned purchases from Moscow over its invasion of Ukraine in February 2022.<\/p>\n

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The data does not specify freight, insurance and other charges paid by the refiners but the purchase price is significantly above the $60 per barrel price cap imposed by G7 nations.<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n

Russian oil has mostly traded above the price cap since mid-July, as discounts narrowed due to output cuts by OPEC+ producers, including Saudi Arabia and Russia.<\/p>\n

The average price paid by India for Russian oil in September was lower than for barrels from Iraq and Saudi Arabia, which averaged $83.56 and $96.16, respectively, the data showed.<\/p>\n

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India imported about 1.42 million barrels per day (bpd) of Russian oil in September, down around 9% from August, while imports from Iraq rose by about 8% to 918,000 bpd, the data showed.<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n
Updated on