🧵 1. India's crude oil imports from Russia reached their cheapest level since the Ukraine war, with an average cost of $68.17 per barrel in June. #world
🧵 1. India's crude oil imports from Russia reached their cheapest level since the Ukraine war, with an average cost of $68.17 per barrel in June. #world
🧵 2. The price exceeds the G7's $60 cap, but shipping costs are not included. Most purchases are done on a delivered basis inclusive of all costs.
🧵 3. In comparison, India paid $70.17 in May and $100.48 in June 2022 for Russian crude. International prices were lower in June due to global economic concerns.
🧵 4. Analysts expect supply cuts by OPEC+ and reductions from Saudi Arabia and Russia to tighten the market for the rest of the year.
🧵 5. India's crude oil imports from Russia dropped in July, and August could see further decline, potentially reaching their lowest level since January 2023.
🧵 Read more at: https://www.zerohedge.com/energy/india-scoops-cheapest-russian-oil-start-ukraine-war