Storage tanks at an oil refinery in Vadinar
Indian refiners look to diversify crude sources
The country is trying to reduce dependence on Russian barrels amid a narrowing of the gap between them and Middle Eastern grades
Indian Petroleum Minister Hardeep Singh Puri set the tone for India’s oil buying strategy at the start of the year. "India has started to diversify its crude oil sources and is not dependent on Russian crude," he said at a press conference in New Delhi. The reason is largely driven by price as Indian companies no longer enjoy the steep discounts that had been offered, which reached more than $20/b to average Brent prices at some points. The gap is now barely a few dollars. Indeed, the decreasing price differential between Russian and Middle Eastern crude grades, long-term contract obligations with Middle East sellers, payment issues, and the price-cap compulsion on Russian purchases are forc
Also in this section
5 March 2026
Gas is a central pillar of Colombia’s energy system, but declining production poses a significant challenge, and LNG will be increasingly needed as a stopgap. A recent major offshore gas discovery offers hope, but policy improvements are also required, Camilo Morales, secretary general of Naturgas, the Colombian gas association, tells Petroleum Economist
4 March 2026
The continent’s inventories were already depleted before conflict erupted in the Middle East, causing prices to spike ahead of the crucial summer refilling season
4 March 2026
The US president has repeatedly promised to lower gasoline prices, but this ambition conflicts with his parallel aim to increase drilling and could be upended by his war against Iran
4 March 2026
With the Strait of Hormuz effectively closed following US-Israel strikes and Iran’s retaliatory escalation, Fujairah has become the region’s critical pressure release valve—and is now under serious threat
