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News News: Russia is selling oil to India at nearly $80 per barrel, some $20 above the Western price cap, traders said and Reuters calculations showed, as tight
India, which is the world's third biggest oil importer, has become the top buyer of seaborne Russian oil, mainly Urals, since 2022 after Western sanctions against Moscow. Calculated Free on Board (FOB) estimates for Urals cargoes loading from Baltic ports in October were close to USD 80 per barrel on Thursday for Indian customers, according to traders' data and Reuters calculations.
Russia is selling oil to India at a price of nearly $80 per barrel, which is $20 above the Western price cap. This is due to tight global oil markets and strong demand for Russian exports. India has become the top buyer of Russian oil since 2022, and the country's low inventory levels and production cuts have contributed to the increase in prices.
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