Reuters exclusively reported that Russia’s largest oil producer Rosneft (ROSN.MM) and India’s top refiner Indian Oil Corp (IOC.NS) agreed to use the Asia-focused Dubai oil price benchmark in their latest deal to deliver Russian oil to India. The larger volumes and change in Russian oil pricing highlight closer ties between Moscow and India, which has now become the largest buyer of seaborne crude from Russia.
Energy
Russia shifts to Dubai benchmark in Indian oil deal
03 April 2023, 2:01 pm 1 minute
Market Impact
Under the new deal, announced on March 29, Rosneft will nearly double oil sales to Indian Oil Corp (IOC.NS).
Article Tags
Topics of Interest: Energy
Type: Reuters Best
Sectors: Commodities & Energy
Regions: AsiaEurope
Countries: IndiaRussia
Win Types: Exclusivity
Story Types: Exclusive / Scoop
Media Types: Text
Customer Impact: Major Global Story
