Russia’s flagship crude tops G7 price cap, but impact on supplies to India may be muted

News Snapshot:

The impact of Russia’s flagship Urals crude breaching the $60-per-barrel price cap imposed by the G7 nations is expected to be muted on New Delhi’s oil trade with Moscow in the immediate to near term with no major bearing seen on supplies, but a sustained closing of the gap between prices of Urals and other key international crude oil grades and benchmarks could take some sheen off Russian oil for Indian refiners going ahead, according to international oil market watchers. As per assessments by leading pricing firms Argus Media and S&P Global Platts, Urals crude topped the key price level...