Russian oil losing competitive edge in India as prices rise

India's crude oil imports from Russia in November were the costliest in a year, reflecting lowering discounts on the fuel. Refiners paid an average of $85.90 a barrel for shipments from Russia, up 1.8% compared to October. Meanwhile, shipments from Iraq and Saudi Arabia were $85.70 and $93.30 respectively in November. India's imports from Russia rose 6.2% on month to 1.68 million barrels a day. However, shipments from Russia to India fell to 1.48 million barrels a day in December due to tightening sanctions. https://ift.tt/kQL0FAM