Russia is now buying back petrol from India even as it supplies 2.5-2.6 million barrels per day (bpd) of crude to Indian refiners, turning the oil trade full circle. According to Vortexa data, 1.66 million barrels of gasoline moved to Russia in June-July, marking a rare reversal in an oil trade built largely around Russian barrels flowing into Indian refineries. Yet the new dependence has yielded no pricing advantage for Indian refiners, with recent Urals purchases moving to around a $1-a-barrel premium to Brent, rather than wider discounts.