Indian refiners are buying more crude from the Gulf and reducing imports from Russia, as Russian oil has lost its price edge after freight costs rose sharply. According to traders, some Iraqi cargoes were offered at discounts of over $25 a barrel to Dubai prices, Saudi Aramco sold Khafji crude at discounts of up to $10 a barrel, while Russian oil was offered about $2 a barrel above the benchmark. BPCL sharply cut Russian crude purchases in October and expects to take less Russian supply than Gulf supply in November, while Indian Oil and Mangalore Refinery also reduced purchases. The article attributes the shift mainly to cost, as Russia's longer shipping route and delivered-to-port sales leave buyers with less control over freight costs, while Indian refiners can charter ships to the Gulf themselves.
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Original headline: Quốc gia chủ chốt của BRICS báo tin không vui cho Nga
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