Gulf Oil Bargains Lure India Away From Russia as Freight Soars

Indian refiners increased purchases of crude oil from the Persian Gulf and reduced purchases from Russia as shipping costs rose, making longer shipping routes less economical. Russia had been a major crude supplier to India. Higher freight expenses made transporting Russian crude across longer distances less profitable for Indian refiners.

• Bloomberg — Gulf Oil Bargains Lure India Away From Russia as Freight Soars

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