The aggressor country russia has probably found a way to force India to sign long-term contracts for the supply of crude oil for its refineries.
Bloomberg reported this with reference to unnamed representatives of the Indian oil refining industry.
The agency's interlocutors said that three Indian state-owned enterprises, Indian Oil, Bharat Petroleum and Hindustan Petroleum, were unable to buy at least 6 million barrels of oil on the spot market.
According to them, this could be a way for moscow to reduce the number of spot cargoes sold by traders in favor of long-term contracts concluded directly with russian producers.
Indian state-owned oil refining companies currently purchase all russian oil on the spot market, while private firms use a combination of spot and long-term contracts.
Bloomberg’s sources noted that there are alternative cargoes from the Middle East and Africa on the market now, but they are more expensive than russian and could lead to lower profitability.
They added that moscow is insisting that India’s state-owned oil refineries lock in oil imports in long-term contracts.
Although the government is also advocating for this, calling on state and private companies to jointly negotiate more favorable terms, some state-linked refiners have been unable to accept the proposed price and terms.
As the Ukrainian News agency reported, earlier this month, Reuters reported, citing sources, that russia and India had signed the largest oil deal in the history of relations between the two countries.
Recall, in May 2024, it became known that russia had lost billions of Indian rupees, with which India paid for the supply of russian oil.
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