Russian oil sold to India at cheapest price since the beginning of the war

Russian oil prices arriving in India in June fell to their lowest level since the war in Ukraine broke out early last year.

The latest figures from India’s Ministry of Commerce and Industry show that the average price of a barrel of Russian oil, including shipping costs, was $68.17 in June, down from $70.10 in May and $100 a year earlier.

This is also the lowest level since the beginning of 2022. The ceiling price that the West currently applies to Russian oil is 60 USD per barrel (excluding shipping costs).

India and China have become some of the world’s top consumers of Russian oil since the war, as the product has been shunned by the West. India’s oil imports have fallen in the past two months, according to data firm Kpler, and are expected to fall further as Russia fulfills its pledge to reduce exports.

However, Kpler forecasts that India's oil imports from Russia will increase again from October. India usually buys Russian oil on a deal where the seller is responsible for shipping, insurance and other miscellaneous costs.

According to Indian government data, the price of oil imported from Iraq in June was $67.10 a barrel. Oil from Saudi Arabia was higher at $81.70. India now imports 88% of the oil it consumes.

Last week, Indian Oil Minister Hardeep Singh Puri said Russian oil is not being discounted as much as it was last year. India has also diversified its sources of supply from 27 to 39 countries.

World oil prices have risen in recent weeks, as Russia and Saudi Arabia have both announced cuts in supply to prop up the market. In September, Saudi Arabia continued to reduce its production by 1 million barrels a day, while Russia plans to reduce its oil exports by another 300,000 barrels a day.

Ha Thu (according to Bloomberg)

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