Cheap Russian Urals Crude Is Finding Willing Buyers in India
- Refiner Hindustan Petroleum recently bought flagship oil grade
- Most buyers are shunning Russian fuel following war in Ukraine
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India is eager to take more Russian crude at bargain prices as buyers from the U.S. to Europe shun its oil after the invasion of Ukraine.
Russia’s Urals crude is being snapped up by Indian oil refiners after collapsing to a steep discount, even after Shell Plc was hit with heavy criticism following its purchase of the grade not long after the war started. Hindustan Petroleum Corp. recently bought 2 million barrels of the grade for delivery in June, and other processors are also seeking cargoes, according to people familiar with the matter.