Indian Oil Corp buys first Russian Urals crude in 2 years as prices slump
SINGAPORE (Reuters) -Indian Oil Corp, the country’s top refiner, has bought Russian Urals crude for the first time in two years, after spot differentials slumped, according to trade sources and Refinitiv data.
The opportunity for India to buy more of the Russian flagship grade that typically heads to Europe arose after its discount to global benchmark Brent fell to the widest since 2005, hit by rising tensions between Russia and the West over Ukraine.
Global oil price Brent surged past $100 a barrel on Thursday, after Russia invaded Ukraine, exacerbating concerns of oil supply disruption.
