India's oil prices in November hit a 12-month high for Russia

India's oil prices in November hit a 12-month high for Russia

India's oil prices in November hit a 12-month high for Russia

Reuters calculated that India paid 1.4% more for Russian oil in November than it did in October, based on official statistics, at $84.20 per barrel.

According to initial official statistics, India paid $85.42 per barrel on average for Russian oil in November, even though the Group of Seven advanced countries (G7) set a price cap of $60 per barrel to reduce Moscow's earnings. The most comes after departing.

Reuters calculated that India paid 1.4% more for Russian oil in November than it did in October, based on official statistics, at $84.20 per barrel.

The information further showed that, as of November, the price differential between Russia and Iraq, India's second-largest oil supplier, has shrunk.

According to the statistics, India spent, on average, $85.73 per barrel for supplies from Iraq and $93.32 per barrel for oil from Saudi Arabia.

India has typically paid more than the $60 maximum for Russian oil since the price limitation went into effect in December 2022, even if it has still turned out to be less expensive than comparable grades elsewhere. June was an exception with its low costs.

Indian refiners purchase Russian oil from Russia directly as well as via ports in South Korea, Greece, and Spain.

The United States imposed sanctions on some ships and vessel operators after they sold more above $60 per barrel from Russian ports.

Washington also strengthened regulations, making it more difficult for banks and service providers to verify that shipments do not exceed the $60 per barrel price ceiling.

Consequently, in November and December, a few ships that were transporting Russian oil to India were rerouted, which had an impact on India's Russian oil consumption in December.

According to sources, payment issues caused ships transporting Russian oil to be rerouted.

But rather than payment problems, India's Oil Minister Hardeep Singh Puri said on Wednesday that the drop in the country's purchases of Russian oil is the result of unappealing pricing.