Russia has been actively managing its oil supply, fully honoring its engine fuel supply contracts as confirmed by the Energy Ministry. The share of Russian oil in India's imports has notably increased to 35% in FY24. Concurrently, Russian oil prices have surged, with exported Urals crude trading near $75 a barrel, approximately $15 above the G-7's imposed price cap. This price elevation is attributed to nearly a quarter of these exports moving with Western insurance in March. Additionally, China and India have emerged as the top buyers of Russian seaborne fuel oil and vacuum gas oil (VGO) in February, according to LSEG data. Amidst these developments, Russia is considering easing gasoline environmental requirements and has instructed oil companies to boost fuel supply to the domestic market.
Russian seaborne fuel oil and vacuum gasoil (VGO) exports sustained their dominance in February, primarily to China and India https://t.co/1LUSMh29vZ
SPOT RUSSIAN URALS NOW JUST $2 DISCOUNT TO WTI, INDICATIVE OF SUPPLY TIGHTENING *
Russian Oil Is Once Again Trading Far Above the G-7’s Price Cap Everywhere - Bloomberg Exported Urals crude is near $75 a barrel, about $15 above cap Almost a quarter moved with western insurance in March
#Russia: oil companies told to boost fuel supply to domestic market #oott https://t.co/JFZsKHhMvm
#Russia considers easing gasoline environmental requirements, sources say #oott https://t.co/LS215mlpQ7
#China, #India top buyers of Russian seaborne fuel oil, VGO in Feb, LSEG data shows #oott https://t.co/bDnEqCN8uc
Russian Oil Is Once Again Trading Far Above the G-7’s Price Cap Everywhere Exported Urals crude is near $75 a barrel, about $15 above cap Almost a quarter moved with western insurance in March #oott #Russia https://t.co/wEy7FEzziJ
Share of #Russian #oil in #India's #imports rises to 35% in FY24 https://t.co/9Fc2g4jDeq
#Russia fully honors engine fuel supply contracts — Energy Ministry #oott https://t.co/uoNv6JQj9E