Indian oil refiners have started buying crude oil from the United States and the Middle East amid new US sanctions against the aggressor country Russia. This was reported by Bloomberg with reference to its own sources.
The agency's unnamed interlocutors said that Reliance Industries Limited has purchased millions of barrels of Khafji (Saudi Arabia), Basrah Medium (Iraq), Al-Shaheen (Qatar) and West Texas Intermediate (USA) crude oil. Deliveries are expected in December or early next year
While the refiner also regularly buys crude oil grades from the Middle East, recent purchases, including some deals earlier this week before the US sanctions, have been more active than usual
Bloomberg notes that Reliance is India's largest importer of Russian oil by volume this year. Earlier, the holding company signed a long-term oil supply contract with the Russian company Rosneft, which was included in the list of new US sanctions on October 22
In total, Reliance purchased at least 10 million barrels on the spot market this month, with most of these purchases coming from the Middle East. Most of the oil was purchased after the introduction of US sanctions
Other Indian refiners are also present on the spot oil market, in particular from the Middle East, the United States and Brazil
As Ukrainian News reported, earlier today, on October 24, the Indian holding Reliance Industries Limited announced its intention to comply with the sanctions imposed by the West on Russia
And yesterday, October 23, Reuters reported, citing its own sources, that Chinese state-owned oil refiners PetroChina, Sinopec, CNOOC, and Zhenhua Oil have suspended purchases of Russian oil after the US sanctions.
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