SINGAPORE : Private Indian refiners are jostling with independents in China for Russian ESPO crude loading in April, pushing prices higher after Moscow lowered exports of its flagship grade Urals, industry sources said.China, which is set to import record volumes of Russian crude in March, typically sweep
SINGAPORE : Private Indian refiners are jostling with independents in China for Russian ESPO crude loading in April, pushing prices higher after Moscow lowered exports of its flagship grade Urals, industry sources said.
One of the sources said prices for April-loading ESPO crude to India were about $5 a barrel below Dubai quotes on a delivered ex-ship basis. Indian companies are using non-dollar currencies to settle payment for certain niche Russian crudes and are avoiding use of Western services and banks to avoid sanctions.
In comparison, April-loading Murban crude is about $9 a barrel more expensive than ESPO delivered to China and India, according to Reuters calculations.
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