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| India remains Russia's top buyer of Urals oil despite rising prices. (Source: CNN) |
Kirby made the statement in response to a question about whether India's purchase of oil from Russia could be on the agenda of US President Joe Biden's talks with Prime Minister Narendra Modi.
The two leaders are expected to meet in New Delhi on September 8.
"We encourage all oil-buying countries to comply with the price ceiling. The United States does not believe that now is the time for business as usual with Russia. Each country must make its own sovereign decisions," Mr. Kirby stressed.
According to Reuters , India remains the main buyer of Russian Urals oil, despite record prices. Data from Investing shows that as of the morning of September 7, the price of Urals oil was at $75/barrel.
Indian refiners said the Urals premium over Brent had narrowed so much in August that the discount to import Urals in August had fallen to $5 a barrel or less at Indian ports, a record low since the European Union (EU) embargo on Russian oil.
Since the outbreak of the Russia-Ukraine conflict (February 2022), the discount on Moscow's crude oil has reached as high as $30/barrel. India has taken advantage of the sharp drop in prices, increasing its oil imports from Russia to 40% of its total oil, up from just 1% previously.
Urals oil prices rose as Moscow pledged to cut exports by 500,000 barrels per day in August to balance the oil market. Russia has pledged to cut exports by 300,000 barrels per day until the end of the year.
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