India Buys Russian Ural’s Crude to Protect Fertilizers Sector Interests
Indian Oil Corporation (IOC) state-owned top Crude Oil refiner in India , has bought Russian Urals crude after a prolonged wait of two years, just after spot differentials slumped. This Russian flagship-grade Crude typically headed to Europe and seeks the interest of the Indian buyers after its discount in comparison to the Brent crude oil fell to the widest since early 2005. This development is majorly an outcome of the rising tensions in the eastern European region between Russia and Ukraine. Last week the International Crude Oil price offers soared drastically over the USD 100/barrel mark after Russia invaded Ukraine. Whereas, being an agricultural dependent economy coupled with the spiked food pricing index and the global shortage of fertilizers amidst the restriction of export of DAP and phosphate-based fertilizers component from China till the end of the second quarter of 2022. Therefore, the consistent chain of events of the geopolitical turmoils jeopardizes the favorable ...