Russian oil said to be sold to India below price cap
The HinduRussia's flagship Urals crude has been sold at deeper discounts this month following a European ban on Russian oil imports, and dominant buyer India has bought barrels at well below a $60 price cap agreed by the West, four market sources said. Reuters calculations showed discounts for Urals oil at Russia's western ports for sale to India under some deals have widened to $32-$35 per barrel when freight is not included in the price. The value of the Dated Brent benchmark hovered below $80 a barrel early in December, while the estimated cost of Russian oil for producers including extraction, tax and transport costs to export ports stood around $15-45 per barrel, deputy energy minister Pavel Sorokin said last year. Russian oil suppliers are trying to handle Urals oil transport to India themselves using their own vessels and shipping partners, which can reduce transport costs, traders said.