Story perspectives
Indian refiners cut Russian crude as Persian Gulf shipments rise
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Story summary
- Indian refiners are shifting purchases to Persian Gulf crude.
- They are reducing imports of Russian crude.
- Freight costs have risen sharply, making long-haul shipments uneconomical for Indian buyers.
- Iraqi cargoes are sold at discounts exceeding $25 a barrel to the Dubai benchmark.
- Traders say the $2 premium over Dubai makes Russian crude uneconomical for India.