Reuters: Russia and India have moved to Dubai benchmark in oil trading
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Russian Rosneft and Indian Oil Corp decided to abandon the European benchmark Brent and switch to the Asian Dubai in pricing in transactions for the supply of Russian oil. This was reported Reuters with reference to sources.
According to Reuters, Rosneft will double oil deliveries to India in a new deal announced on March 29. The company will sell up to 1.5 million tons of oil (11 million barrels) each month in the new fiscal year (started April 1). Rosneft and Indian Oil Corp declined to comment to Reuters on their sources.
Brent and Dubai benchmarks are priced in dollars. European traders and oil companies use Brent oil for sales, Asian traders use Dubai. Reuters notes that the transition to Dubai continues the trend towards the redistribution of Russian energy sales to Asia after the imposition of sanctions against them in the West.
On March 29, it became known that Rosneft and Indian Oil Corp. signed an agreement to increase the supply of Russian oil to India. The exact numbers were not disclosed. March 28, Deputy Prime Minister Alexander Novak saidthat the supply of Russian oil to India by the end of 2022 increased by 22 times. Russian oil accounts for about a third of India’s total oil imports.
About the agreement – in the material “Kommersant FM” “Oil will increase in volume”.
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