Russia's domination over Indian crude market will continue in 2023: Experts

Sizeable discounts on Urals grade have helped evade new sanctions by western powers; fate of Russian supplies in Q1 of calendar 2023 rests on oil price movement

Russia steamrolled rivals Saudi Arabia and Iraq to dominate India's crude oil basket for the fourth consecutive month in December, maintaining its grip on the world’s fastest growing major market for fuels. Russian oil will continue to power Indian vehicles and homes in January, according to data from western commodity analytics firms and Indian customs.

Russia’s sizeable discounts on Urals grade have helped evade new sanctions announced by western powers early December. The latest measures involve imposing a $60 a barrel ceiling on purchase of Russian crude, but the US and Europe have kept Russian shipments discharged until 19 January