India finally refuses Russian oil
8 February 17:15
Indian oil refineries are avoiding purchases of Russian oil with delivery in April and will refrain from such deals for a long time. This move could help New Delhi conclude a trade agreement with Washington.
This was reported by Reuters, citing sources in the oil refining and trading industry, according to "Komersant Ukrainian".
According to the news agency, on Friday, February 6, the US and India moved closer to concluding a trade agreement, announcing the terms of the deal, which they hope to finalize by March and which will provide for lower tariffs and deeper economic cooperation.
An unnamed trader told Reuters that Indian Oil (IOC.NS), Bharat Petroleum (BPCL.NS), and Reliance Industries (RELI.NS) refineries are not accepting offers to load Russian oil in March and April.
However, sources in the refining industry said these refineries had already planned some Russian oil deliveries in March. At the same time, most other refineries have already stopped buying raw materials from Russia.
The sources also said that Indian refineries may change their plans and place orders for Russian oil, but only on the recommendation of the government.
US President Donald Trump’s executive order states that US officials will monitor the situation and recommend reinstating tariffs if India resumes purchasing oil from Russia.
Reuters sources added that imports of Russian oil by India, the world’s third-largest oil consumer and importer, fell to their lowest level in two years in December.
Earlier, Bloomberg reported that Indian company Reliance Industries Ltd, which operates the world’s largest oil refinery, had purchased oil from Venezuela instead of Russia for the first time in a long time.
