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
24 October 2024
Producers in the region see significant gains to be made by boosting output using the infrastructure already in place
23 October 2024
Markets have seen no material disruption from the war so far, but as the fighting goes on it is a matter of when, not if
23 October 2024
Majors in the region are pushing boundaries and could see significant upside, but longer-term risks remain
22 October 2024
Angola is unlikely to meet the official timeline for an IPO of state-owned oil giant Sonangol in 2026