The American agency Bloomberg reported that India turned to the spot market to secure oil shipments amid Washington’s efforts to halt the flow of Russian crude to the country.
Bloomberg pointed out that a key index in the oil market, widely used to measure the strength of Middle Eastern crude against global Brent, showed that European crude is trading at a premium of only 60 cents per barrel, down from $3.90 at the end of June.
The agency continued, saying that in recent weeks Indian refineries have reduced their purchases of Russian crude oil, affecting the flow of Urals crude scheduled for loading in October, and instead turned to the spot market for shipments from Libya, the United Arab Emirates, and Nigeria.
