According to anonymous sources told Reuters, India's leading oil company Indian Oil is currently doing everything it can to replace Russian oil. It has already purchased 7 million barrels of "black gold" from various sources.
Points of attention
- US sanctions against Russian oil companies like Lukoil and Rosneft have prompted Indian refineries to reduce purchases of Russian oil, leading to a significant change in the market dynamics.
- The evolving situation highlights the impact of geopolitical tensions on the global oil market and the strategies adopted by key players like India and Russia.
Russia is losing its position in the oil market
According to insiders, the Indian refiner purchased 1 million barrels of oil from the United Arab Emirates from Shell and 2 million barrels of Upper Zakum oil from trading company Mercuria.
He decided not to stop there and bought 2 million barrels of oil from Angola from Exxon, as well as 2 million barrels of Brazilian crude from Petrobras.
Journalists are drawing attention to the fact that Indian oil refiners are refusing to purchase oil from Russia and are increasing its imports from the Middle East.
It is likely that this approach to matters will help New Delhi conclude a trade agreement with the US to reduce tariffs.
What is important to understand is that India became one of the largest buyers of Russian oil after Russia's full-scale invasion of Ukraine.
However, the situation has changed dramatically recently, as Indian refineries have reduced their purchases of Russian raw materials following US sanctions against Lukoil and Rosneft.
