13.04.2022, 15:33
Bloomberg: Indian Refineries Complain about the Cost of Russian Oil
Source: OREANDA-NEWS
OREANDA-NEWS. Oil refineries in India have complained about the high cost of Russian oil. This is reported by Bloomberg with reference to traders.
It is noted that they are outraged that India is purchasing cargo at full price, while Europe is offered record discounts.
The agency recalls that Indian companies recently purchased several million barrels of Urals oil through open tenders, with a number of deliveries being sold with a bonus of $1 per barrel to Brent compared to a discount of more than $30/b for the same oil in Europe.
According to Bloomberg, Indian refiners are particularly concerned about the lack of discount offers, as the crisis in Ukraine has pushed prices up to over $100/bbl.
Earlier, Reuters reported that the Indian Oil Corporation had abandoned high-sulphur grades of oil, including the Russian grade Urals.
The reason for the refusal to buy oil rich in sulfur and heavy hydrocarbons was the transition of a subsidiary of Chennai Petroleum to the purchase of sweet oil, while this week the IOC will hold only two tenders for the purchase of oil.
Earlier, the United States called on India to stop increasing Russian energy imports.
According to the US, supplies from Russia account for only 1-2% of India's total energy imports. The US insists on stopping this import as well.
White House spokeswoman Jen Psaki added that Washington continues to believe that China adheres to the restrictions that were applied against Russia by the West.
It is noted that they are outraged that India is purchasing cargo at full price, while Europe is offered record discounts.
The agency recalls that Indian companies recently purchased several million barrels of Urals oil through open tenders, with a number of deliveries being sold with a bonus of $1 per barrel to Brent compared to a discount of more than $30/b for the same oil in Europe.
According to Bloomberg, Indian refiners are particularly concerned about the lack of discount offers, as the crisis in Ukraine has pushed prices up to over $100/bbl.
Earlier, Reuters reported that the Indian Oil Corporation had abandoned high-sulphur grades of oil, including the Russian grade Urals.
The reason for the refusal to buy oil rich in sulfur and heavy hydrocarbons was the transition of a subsidiary of Chennai Petroleum to the purchase of sweet oil, while this week the IOC will hold only two tenders for the purchase of oil.
Earlier, the United States called on India to stop increasing Russian energy imports.
According to the US, supplies from Russia account for only 1-2% of India's total energy imports. The US insists on stopping this import as well.
White House spokeswoman Jen Psaki added that Washington continues to believe that China adheres to the restrictions that were applied against Russia by the West.
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