US says Russia not benefiting from $60/bbl oil to India

US says Russia not benefiting from $60/bbl oil to India

Some cargoes of low sulphur, or sweet, crude oil bought by Indian refiners have risen above the $60 per barrel cap set by the Group of Seven rich countries, the European Union and Australia, due to rising demand, while most cargoes are below the cap.











Reuters









March 17, 2023 / 06:44 AM IST





Russia is not reaping the benefits of higher costs of some recent cargoes of crude oil bought by refiners in India priced above the price cap set by countries in the West and Australia, a U.S. official said on Thursday.

Some cargoes of low sulphur, or sweet, crude oil bought by Indian refiners have risen above the $60 per barrel cap set by the Group of Seven rich countries, the European Union and Australia, due to rising demand, while most cargoes are below the cap.

China has also been buying Russian crude from the Eastern Siberia Pacific Ocean pipeline (ESPO) at above the price cap level, according to Reuters calculations.

Some Dubai-based traders, and Russian energy companies Gazprom and Rosneft are seeking non-dollar payments for certain niche grades of Russian oil that have in recent weeks been sold