India bought Russian oil at $84.20 a barrel in October, highest since December 2022

The average price of Russian oil delivered to India in October rose to $84.20 in October. According to preliminary data from the Indian government. That would be the highest price paid since the $60 per barrel price cap was imposed by the G7 group in December 2021. In September the average price paid was $81.24 per barrel, according to calculations by Reuters based on data posted on the Intan Trade Ministry website.

With the price of Russian Urals falling significantly in November, to below the $60 price cap, India could shift some of its imports back to Russia from Iraq, Saudi Arabia and the emerging Venezuelan market. The price per barrel of oil from Saudi Arabia in October averaged $98.77.

Refiners in India avoid international repercussions from Russian oil imports by dealing on a delivered basis. That passes the responsibility for shipping and insurance into the hands of the suppliers.