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Indian state refiners may buy Mideast spot oil to replace Russian shortfall

Indian state refiners are considering tapping the Middle East crude market as supply from their top supplier Russia has fallen, refining sources said. The 3 large state refiners- Indian Oil Corp, Bharat Petroleum Corp, and Hindustan Petroleum, are short of 8-10 million barrels of Russian oil for January loading, the sources told Reuters.

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India surpasses China to become Russia’s top oil buyer in July

India overtook China as the world’s biggest importer of Russian oil in July as Chinese refiners bought less because of lower profit margins from producing fuels, a comparison of import data showed. Russian crude made up a record 44% of India’s overall imports last month, rising to a record 2.07 million barrels per day, 4.2% higher than in June and 12% more than a year ago, data on Indian shipments from trade and industry sources showed.

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