India Purchasing More Oil From The US As Stricter Sanctions Impact Russian Supply: Report
Indian oil refiners are purchasing more oil from the US as the sanctions obstruct trade with Russia, media reports stated. The country’s oil refiners are on the path to buying the most American crude in nearly a year as rigid sanctions from the US forced the firms to find other sources of supply apart from Russia.
Public firms including Bharat Petroleum Corporation and Indian Oil Corporation, with private refiner Reliance Industries Ltd, collectively purchased nearly 7 million barrels of April-loading crude from the United States in the current month till now, reported Bloomberg citing traders who wished to remain anonymous.
Kpler noted that this would mark the largest monthly volume seen since May. Notably, India’s buying of crude from Russia increase...