Oil blow for Russia: Indian state-owned giants cut purchases

Between June and September this year, India’s state-owned refineries significantly reduced their purchases of oil from Russia by more than 45%.

This is reported by The Hindu.

According to Naveen Das, an oil market analyst at Kpler, India’s state-owned refineries were receiving about 600,000 barrels of Russian oil per day in September, compared with about 1.1 million barrels per day in June, indicating a sharp drop in imports.

At the same time, private players in the oil market, in particular Reliance Industries and Nayara Energy (the latter is supported by Russia’s Rosneft), on the contrary, increased oil supplies from the Russian Federation.

Recall, Russian oil traders are demanding that Indian state-owned companies switch to settlements in Chinese yuan instead of dollars or dirhams . Such a move should simplify financial transactions and minimize costs in the face of sanctions and geopolitical tensions.

As reported, Indian oil refining companies do not plan to cut imports of Russian oil, despite international pressure and rising tariffs.

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