India s state-run refiners are facing challenges as Russian oil becomes more expensive and less accessible due to higher freight rates and US sanctions. The attacks in the Red Sea by Houthi rebels have disrupted fuel trade, impacting Indian refiners and potentially eroding their competitive edge.
India s External Affairs Minister S Jaishankar reaffirmed India s stance on buying Russian oil. During his visit to Germany for the Munich Security Conference, he stated that Europe should understand that India cannot have a view of Russia that is identical to the European one.
Indian state oil refiners, Indian Oil Corp, Bharat Petroleum Corp, and Hindustan Petroleum Corp, are in discussions with Rosneft Oil Co PJSC for long-term supplies of Russian crude. The refiners aim to secure about 500,000 barrels per day of Russian crude supplies to diversify their sources.
India News: According to data from the Indian government, the price of Russian oil delivered to Indian ports in July reached its lowest price since Moscow's invas
India Business News: India’s price for Russian crude oil, including freight costs, fell to $68.17 per barrel in June, the lowest since Moscow’s invasion of Ukraine over a