Indian Oil Refiners Are Snapping Up Cheap Russian Crude
- Processors in India bought about 6 million barrels of Urals
- Russian crude offered at record discount as buyers spooked
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Indian refiners are loading up on Russian oil as prices of the nation’s crude plunge to unprecedented lows.
Processors from the world’s fastest-growing importer bought about 6 million barrels of Urals crude from the Black Sea port of Novorossiysk in recent days, traders said. That’s the most India has purchased in at least three years, and represents six out of eight planned March loadings for Suezmax ships that each carry 1 million barrels.