Indian refiners may be able to source most of their Russian oil purchases at a rate lower than the West’s price cap of $60 after international prices fell.
India hasn’t backed the price cap and may yet end up paying lower rates since Russia can’t defy the market or reduce discounts to sell at rates higher than the cap, Indian industry executives said. The flagship Urals crude, which made up 80% of India’s Russian oil imports in November, is trading at around $49 per barrel while ESPO blend and Sokol are trading at around $62 and $69 per barrel, respectively.
