Indian holding company Reliance Industries Limited has resumed buying oil from the aggressor country of russia after a short pause caused by the latest US sanctions against russian oil companies Rosneft and Lukoil.
Bloomberg reported this, citing its own sources on Wednesday, December 24.
The agency's unnamed interlocutors said that Reliance buys oil from suppliers who are not under sanctions. The holding leases Aframax tankers from RusExport, which transport oil to the Jamnagar refinery. This refinery is aimed at producing petroleum products for the domestic market. Reliance's export-oriented enterprise last received a shipment of russian oil in late November. After that, all oil from russia was delivered to the Jamnagar refinery.
Bloomberg believes that Reliance's return to buying russian oil is likely to increase Indian imports, which, according to some estimates, more than halved in December.
After the imposition of US sanctions, Indian refiners took a short pause. They spent this time assessing the situation and looking for suppliers of russian oil that are not under restrictions. In addition, some companies began to buy more expensive oil from other countries.
Bloomberg added that Indian officials believe that in December, oil imports from russia could fall to about 800,000 barrels per day. This is almost three times less than the 1.9 million barrels imported in November.
As the Ukrainian News agency earlier reported, yesterday, December 23, the media wrote that at least 20 tankers loaded with russian oil were stuck off the coast of India and China. A kind of "traffic jam" was formed due to difficulties with unloading raw materials.
As a reminder, in early December, EnKorr reported that Indian state-owned oil refiners Indian Oil Corporation and Bharat Petroleum Corporation placed January orders for the purchase of russian oil.
We also wrote that, according to analysts, in November, India will receive the largest volume of russian oil. This is due to the desire of Indian refiners to buy as much cheap oil as possible from russia before the US sanctions come into effect.
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