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India set to skip buying Russia's ESPO crude in September

Times of India LogoTimes of India1w ago

India set to skip buying Russia's ESPO crude in September - Times of India

Quick Summary:

Indian refiners are set to skip purchases of Russia ESPO crude oil this month due to higher freight rates, turning to Africa and the Middle East instead, industry sources said.

India, which rarely used to buy Russian oil, has emerged as Moscow's second biggest oil customer after China since Moscow's invasion of Ukraine in late February.

Middle East producers have also cut official selling prices for their supplies in October, hitting the appeal of Russian oil, said Ehsan Ul Haq, an analyst with Refinitiv.


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Article Details

Author / Journalist: Reuters

Category: Economy

Topics: India russia oil buy Business news India russia oil Russia ESPO crude oil Crude oil prices Indian oil corp reliance industries

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2022-09-22, 21:33:46

News Timezone: GMT +5:00

News Source URL: timesofindia.indiatimes.com

Language: English

Reading Time: 3 minutes read

Article Length: 475 words

Coverage Area: India

Availability: Desktop Web, Mobile Web

News ID: 471427

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About Times of India

Times of India Logo

Main Topics: Economy

Official Website: timesofindia.indiatimes.com

Update Frequency: 19 posts per day

Year Established: 1838

Headquarters: India

News Last Updated: 3h ago

Coverage Areas: India

Ownership: Independent Company

Publication Timezone: GMT +5:00

News Language: English

RSS Feed: Available (XML)

Website Security: Secure (HTTPS)

Publisher ID: #28

Publisher Details

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