Russia boosts crude oil revenues as shipping, trading network grows

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The story "Russia boosts crude oil revenues as shipping, trading network grows" was covered 2 weeks ago by Business Standard, a news publisher based in India.

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Russia boosts crude oil revenues as shipping, trading network grows - Business Standard

Quick Summary:

India is the second largest importer of oil in the world after China."We are taking as much Russian oil as we can to save on import cost", said a source with an Indian refiner, who asked not to be named as he is not allowed to speak to the media.

Western officials estimate Russia has spent at least $8 billion on boosting its shadow fleet."Russia has and continues to invest billions in new shipping infrastructure, including new vessels, to operate outside the price cap's regime.

Though Russian oil doesn't trade in Europe, a theoretic assessment currently values Urals crude at around minus $10 per barrel versus the "dated Brent" benchmark.