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India s oil trade with Russia is being impacted by the tightening of US sanctions, prompting refiners to explore alternative supplies. While Russia remains the dominant supplier, Indian refiners are increasingly buying more from Saudi Arabia. Refiners are eager to increase purchases of Russian oil, but require US approval to do so. ....
India s reliance on cheap Russian crude oil is expected to decrease as traditional Middle Eastern suppliers offer more attractive conditions. Since Russia s invasion of Ukraine last year, India s consumption of Russian crude has increased significantly, surpassing Saudi Arabia and Iraq as the top supplier. However, rising prices have reduced the discount on Russian crude, making other sources, including those with term contracts, more appealing. ....