The five largest oil refiners in India have not placed orders for russian oil in December this year. Their caution may be related to trade negotiations between India and the United States.
This was reported by Bloomberg, citing its own sources in the industry.
The agency's unnamed interlocutors said on condition of anonymity that Reliance Industries, Bharat Petroleum Corporation, Hindustan Petroleum Corporation, Mangalore Refinery and Petrochemicals and HPCL-Mittal Energy have not started to form orders for russian oil for the next month.
Only two Indian oil refiners - Indian Oil Corporation and Nayara Energy - have purchased some russian oil for December. At the same time, Indian Oil Corporation bought raw materials from suppliers that are not subject to sanctions. And Nayara Energy, which is partly owned by russia's Rosneft, continues to rely exclusively on oil from russia.
Bloomberg sources said that on the spot market, traders are offering oil supplied by companies not subject to sanctions at a discount of USD 3 to USD 4 per barrel.
Despite the discounts, Indian companies are in no hurry to buy oil due to the long and complex verification process. It is necessary to exclude the possibility of participation in the deal by organizations subject to sanctions.
The caution of the above five companies may be related to trade negotiations between the United States and India. On Monday, November 10, the American leader said that Washington and New Delhi are close to concluding a deal. Bloomberg sources say that India has promised to buy more oil from the United States as part of the deal.
As Ukrainian News Agency earlier reported, yesterday, November 10, it became known that Hindustan Petroleum Corporation and Mangalore Refinery and Petrochemicals purchased 5 million barrels of oil from the United States and the Middle East. This is how they are trying to find an alternative to supplies from russia.
Recall, on November 6, US President Donald Trump said that India had significantly reduced its purchases of russian oil.
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