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Indian state refiners step up non-Russian oil purchases under Trump...

India's largest state-run oil refiners have significantly increased their purchases of non-Russian crude oil for delivery in September and October. This shift comes after the United States pressured India to halt its imports of Russian oil, prompting Indian Oil Corp and Bharat Petroleum to secure at least 22 million barrels from alternative sources. Recent tenders saw Indian Oil Corp buying crude from the United States, Brazil, and Libya, while Bharat Petroleum acquired oil from Angola, the United States, Abu Dhabi, and Nigeria. These spot purchases represent about 6 percent of India's crude processing in May, marking a notable change in procurement strategy. Improved arbitrage economics for Atlantic Basin grades have also contributed to the surge in non-Russian oil imports.

Original article source: https://www.dailymail.co.uk/wires/reuters/article-14982805/Indian-state-refiners-step-non-Russian-oil-purchases-Trump-pressure.html
Source Id: 8806485156

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