Russian Oil Price for India Eased, Russia Extends Voluntary Export Cuts, US Passes Bill to Harden Sanctions on Iranian Oil, Fire at Russian Refinery

Russian oil price for India eased in September as Indian refiners reduced purchases due to high prices and maintenance outages. Russia agreed to extend voluntary cut of oil and oil product exports until the end of 2023 to strengthen measures taken by OPEC+ countries. The US House passed a bill to harden sanctions on Iranian oil, but the effectiveness of the legislation is uncertain. A fire at the Afipsky oil refinery near the major port of Novorossiisk in Russia was extinguished, believed to be caused by a drone attack.