Med crude-Urals diffs stable, India bought less Russian oil in Aug
MOSCOW, Sept 23 (Reuters) -Urals crude differentials to dated Brent were unchanged on Monday, while India's imports of Russian oil declined last month, according to the data.
India's monthly oil imports from Russia fell by 18.3% to about 1.7 million barrels per day (bpd) in August from the previous month due to lower crude processing by some refiners, tanker data obtained from trade sources showed.
The decline was due to higher Chinese buying of Russian oil, while loadings remained rather low, traders said.
India remains top buyer of Russian oil via sea in September, according to LSEG preliminary data for this month. Traders expect India's imports of oil from Russia to remain high as local refineries choose Russian oil for its cheaper price and stable quality compared to alternatives, traders said.
PLATTS WINDOW
There were no bids or offers for Urals, CPC Blend or Azeri BTC in the Platts window on Monday.
NEWS
President Vladimir Putin called on Monday for a bigger role for the BRICS bloc on world's energy markets as Russia seeks ways to counter Western influence.
China is planning a tax revamp that would raise costs for imported fuel oil, prompting independent refiners to slow purchases in another blow to a sector reeling from thin processing margins amid faltering demand, industry sources said.
Reporting by Reuters; Editing by Mohammed Safi Shamsi
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