Russian Oil Price in India Hits Record as Demand for Urals Grows
After receiving the green light from the US in early March, Indian refiners purchased about 30 million barrels of unsold seaborne Russian crude.
Photographer: Dhiraj Singh/Bloomberg
Prices for Russia’s key export blend delivered to India hit a record high after the US widened its permit allowing countries to buy the nation’s crude.
Urals crude on India’s west coast reached $98.93 a barrel on Friday, according to data from Argus Media. The price, which includes shipping costs, is the highest since Russia redirected crude exports to India following its invasion of Ukraine in early 2022.