Russia is selling oil to India at nearly $80 per barrel, some $20 above the Western price cap, traders said and Reuters calculations showed, as tight global oil markets help Moscow generate strong appetite for its exports.
  • AutoTL;DRBEnglish
    1•1 year ago

    This is the best summary I could come up with:

    MOSCOW/NEW DELHI, Sept 28 (Reuters) - Russia is selling oil to India at nearly $80 per barrel, some $20 above the Western price cap, traders said and Reuters calculations showed, as tight global oil markets help Moscow generate strong appetite for its exports.

    “Russia has low inventory levels and their production is also cut,” said an official at an Indian refiner that regularly buys Russian oil, explaining the latest jump in prices.

    Cuts have helped narrow discounts for Urals at Indian ports to $4-$5 per barrel versus dated Brent from $6-$7 per barrel two weeks ago, four trading sources involved in the operations said and Reuters calculations showed.

    Russian Urals oil typically gives higher yields of diesel, which accounts for about two-fifths of India’s overall refined fuel consumption.

    Meanwhile, Russia’s decision to ban diesel and gasoline exports added to the appeal of Urals crude, amid a looming shortage of the products globally.

    Turkey was the second biggest buyer of Urals oil cargoes in September, followed by China and Bulgaria, according to preliminary LSEG data.

    The original article contains 418 words, the summary contains 174 words. Saved 58%. I’m a bot and I’m open source!