16:46 - 15.12.2022

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December 15, Fineko/abc.az. Russia started selling its oil below the price cap after setting the price limit.

ABC.AZ reports that the Indian market is "overflowing with Russian oil", which has flooded into the country amid restrictions from the West. Due to competition, suppliers are forced to reduce prices as much as possible.

Sources in the oil industry report that Russian grade of oil Urals is sold in Asia with big discounts after introduction of the price limit, in some cases the price of Urals falls below cost, taking into account local duties.

After the introduction by the countries of Europe and the G7 of a $60 limit on Russian oil, Moscow began to look for buyers for raw materials in Asian markets.