Indian Banks Fear Mess If Urals Passes $60 Price Cap ...Middle East

Indian banks fear an end to the country’s major intake of discounted Russian oil in the wake of OPEC+ surprise production cuts, which have helped push Urals crude close to overrunning the G7’s $60 per barrel price cap.  According to The Millennium Post, citing an unnamed refinery executive, both the State Bank of India and Bank of Baroda have informed refiners they will not handle payments for oil bought above the limit.  In the meantime, Indian banks are very closely monitoring crude prices at ports, where costs of logistics…

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