The Indian Oil Corporation, which is amongst India’s top oil refiners has bought Russian Urals Crude for the first time in two years, Reuters reported citing sources.
The development comes at a time when the Brent Crude oil prices are trading at an eight-year-high above $100 barrel amidst Russia’s invasion of Ukraine.
According to the report, on Wednesday, the Urals oil grade was trading at the highest discount price at global benchmark Brent since the spring of 2020. IOC, in April 2020, had last bought Urals crude at its Paradip port. IOC had brought 2 million barrels of Urals from European traders, Vitol and Trafigura, which will be delivered in April, the report said.
Meanwhile, amid the escalating Russia-Ukraine tension, the shares of state-run oil retailers fall sharply. Bharat Petroleum dropped 3 per cent, Indian Oil tumbled 2.42 per cent and HPCL slumped 1 per cent as the surge in crude oil prices negatively impacts their gross refining margin, which is a key metric of profitability of OMCs.