INSUBCONTINENT EXCLUSIVE:
There are fortunes to be made delivering Russian petroleum to India.
Price evaluations by Platts, an unit of S&P Global, show a margin of
more than $20 between a barrel of Russias Urals crude lifted in the Baltic region and the same oil delivered to the west coast of India
On a flow thats now performing at about 1.5 million barrels a day, that works out at $1 billion a month.
The European Union banned imports
of Russian crude in December, putting the nation at the grace of 2 big buyers: China and India
Numerous new trading firms with ties to Moscow emerged-- especially in Dubai-- prior to the procedure, together with a cost cap on Russian
oil, was imposed.
Urals freights in the Baltic are trading about $40 a barrel below Dated Brent, a crucial criteria for physical oil trades,
while cargoes provided on the west coast of India have actually been marked down by a much smaller $20 a barrel on average given that
mid-January.
A few of the distinction will go to spend for the tankers that make the two-month round trip
The export rate is likewise more instant than the delivered one
In theory, though, the gap suggests huge trading revenues.
