Russian Oil Price for India Eased, Russia Extends Voluntary Export Cut, Fire at Russian Refinery, and Ghost Fleet

Russian oil price for India eased in September as Indian refiners reduced purchases due to high prices and maintenance outages. Russia agreed to extend its voluntary cut of oil and oil product exports until the end of 2023 to maintain stability in the oil market. A fire at the Afipsky oil refinery in Russia's Krasnodar region, near the major port of Novorossiisk, has been extinguished. The enforcement of the price cap on shippers transporting Russian oil by the US may lead to more oil onto vessels referred to as the ghost fleet and away from mainstream tankers.