Refiners in India are paying a significant premium for Russian oil, highlighting the importance of the market to Moscow and raising concerns about the effectiveness of the G-7 imposed cap on Russian oil prices. Indian refiners paid an average of $86 a barrel for Russian shipments in August, the widest spread since the cap was introduced. The cap is designed to limit the Kremlin s crude-based income while allowing Russian flows on the global market.
Refiners in India are paying a significant premium for Russian oil, highlighting the importance of the market to Moscow and raising concerns about the effectiveness of the G-7 imposed cap on Russian oil prices. Indian refiners paid an average of $86 a barrel for Russian shipments in August, the widest spread since the cap was introduced. The cap is designed to limit the Kremlin s crude-based income while allowing Russian flows on the global market.