Indian demand for Urals crude keeps Russia’s exports up

India was the biggest buyer of seaborne Urals oil in March and the country’s demand for the grade means Russia has to maintain high exports, two traders said and Refinitiv Eikon data showed on Monday.

Refiners in India, which in the past rarely bought Russian oil, because of high transport costs, have emerged as key oil clients for Russia, snapping up crude rejected by the West since the Ukraine conflict began in February 2022.