The attract of low cost Russian crude to Indian refiners pale within the monetary yr 2023-2024 (FY24) after Russian reductions shrunk and Iraq provided higher charges to claw again into the Indian crude market, Indian authorities information present. The rising prices of sourcing Russian crude might contribute to decrease gross refining margins of Indian state-run corporations within the earlier quarter, stated trade officers.
Russian oil was cheaper than Iraqi crude by lower than $3 per barrel in FY24 in comparison with over $7 per barrel a yr earlier, in response to calculations by Enterprise Commonplace primarily based on customs information. Iraq was India’s largest
First Printed: Could 07 2024 | 5:16 PM IST
