India tops Russian Urals oil purchases in June as China’s appetite declines
NEW DELHI: India purchased almost 60% of all Russian Ural oil exports in June amid a strong demand from refiners even as China’s consumption dropped to just 7%, Reuters reported quoting trading sources.
Urals is Russia’s main export grade from its European ports and represents about a half of total Russian oil exports.
The country, subject to severe Western sanctions over its actions in Ukraine, also exports oil from its Pacific ports, its Arctic ports and via a direct pipeline to China.
Indian refiners are benefitting from good margins due to attractive prices offered by Russia for Urals.
