Bloomberg: Indian refineries have bought up all available Russian oil
India has been reducing its purchases of Russian oil since last year under US pressure, replacing it with fuel from Saudi Arabia and Iraq. However, these supplies have stopped due to the escalating conflict in the Middle East. The Strait of Hormuz, which connects the region’s major producers to the rest of the world, has been effectively closed since the US and Israel began strikes against Iran.
Indian refiners, including Indian Oil Corp. and Reliance Industries Ltd. have bought up all unsold shipments of Russian crude on the spot market, according to agency sources who requested anonymity. The sources said Russian crude – a wide range of grades including Urals, ESPO and Varandey – was being offered at a premium of $2 to $8 a barrel to benchmark Dated Brent, reports ProFinance.
India, which has not traditionally bought much Russian oil, has sharply increased its imports since the conflict over Ukraine began, eventually drawing the ire of the Trump administration as it sought to increase pressure on Moscow. Russian oil itself is not under sanctions, but Washington has blacklisted major Russian oil companies.
