OREANDA-NEWS Russian oil supplies to India, which have fallen recently, can be increased if the price remains below the ceiling of $ 60 per barrel set by Western countries. This condition was mentioned by an unnamed senior official from the Indian government in a conversation with Reuters.

According to him, with this development, buyers of raw materials will be able to use the services of Western insurance companies and courts, which are currently afraid of sanctions.

In November, the United States sharply tightened control over the execution of the price ceiling. Six tankers and companies that were engaged in the delivery of oil to India were sanctioned. Against this background, Greek shipowners responsible for a significant share of exports received letters from the United States explaining the consequences of violating the sanctions regime and suspended contacts with Russian suppliers.

According to Argus pricing agency, in recent days the main Russian export grade of Urals oil has been sold at a price below the ceiling in the ports of the Black and Baltic Seas. The discount with the benchmark Brent grade approached $ 20 per barrel, while Brent itself has fallen in price by almost ten percent over the past week.

Bloomberg notes that traders were disappointed by the results of the OPEC+ ministerial meeting, where production cuts were approved from January 1, 2024. According to market participants, the association is no longer able to control the situation due to the growth of production in the United States.