Indian Oil and Bharat Petroleum Restart Purchases of Russian Oil
Resumption of Russian Oil Purchases: Indian refiners Indian Oil and Bharat Petroleum have restarted buying Russian oil for September and October, taking advantage of widening discounts on Urals crude.
Impact on China’s Oil Supply: This resumption may affect the supply dynamics to China, which had increased its Russian oil intake during the Indian refiners' previous pause in purchases.
Geopolitical Context: Despite criticism from the US regarding India's oil imports from Russia, Indian companies are prioritizing favorable economics, with Russian oil now constituting 35% of India's total imports since the Ukraine conflict began.
Strategic Diversification: Indian Oil plans to diversify its crude sources by including other Russian grades like Varandey and Siberian Light, while also noting China's recent acquisitions of Russian oil.
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