But, due to cheap prices, Indian refiners Reliance Industries Ltd. and Nayara Energy have purchased at least five of the approximately 33 ESPO crude shipments for the month of April, according to four people with knowledge of the situation.Requests for comment from Reliance and Nayara were not immediately returned.
Source: ET AutoUp from one the first since purchasing three for November 2022, according to ship tracking information gathered by Kpler and Refinitiv.One of the individuals claimed that the delivered ex-ship (DES) pricing for ESPO oil bound for India in April was roughly $5 per barrel lower than Dubai rates.
Russian oil is typically purchased by Indian refiners on a delivered basis, with the vendor handling shipping, freight, and insurance.
Source: First PostThe price of Russian low-sulfur oil purchased by India has increased above the $60 per barrel cap due to rising demand, even if the majority of shipments are below the price restriction imposed by the G7 countries and the European Union. China has also been purchasing ESPO at a price above the price cap, based on calculations by Reuters.
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