India’s Oil Buyers Squeezed by $123 Crude and Weak Rupee
The Indian crude basket hit $123.29 per barrel last week, approaching levels recorded in March 2012, and adding 86% to the price Indian oil marketing companies pay, local media have reported, also noting the effect of a cheaper rupee. Since Indian companies pay for the oil they buy from abroad in U.
Source: OilPrice.com
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DW NOTE
India buys 4.5 million barrels per day, the third-largest consumption base on earth. With the Strait closed 241 days and global supply down 6%, New Delhi has no cheap alternatives left — only expensive barrels and a rupee that buys fewer of them each month.