Russia charges India $80 per barrel for oil, 30% over Western cap
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Russia is selling oil to India for nearly $80 per barrel, a whopping $20 above the Western price cap of $60 per barrel, reported Reuters citing some traders. The tight global oil market has led to a surge in demand for Russian exports. Since mid-July, Russia's main export grade, Urals (grade of crude oil), has been trading above the $60 per barrel Western price cap due to output cuts by OPEC+ producers, including Saudi Arabia and Russia.