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Joined 8 months ago
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Cake day: April 7th, 2025

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  • But India’s Russian oil shipments are expected to slow starting in November after the U.S. sanctioned two major suppliers last month in an effort to end Moscow’s war in Ukraine. This prompted Indian refiners to pause new orders and look for alternatives in spot markets.

    I don’t know why such headlines about India continuing to buy Russian crude are popping up frequently. This is short-term only.

    India’s top importer Reliance Industries Ltd, which has a long-term supply contract with Russia’s Rosneft, has already announced it will stop taking Russian crude. And so have Mangalore Refinery, Petrochemicals Ltd (two other major refiners from India, both state-controlled) as well as HPCL-Mittal Energy, a joint venture of steel tycoon Lakshmi Mittal’s Mittal Energy and the Hindustan Petroleum Corporation.

    All these companies will stop buying from Russia by the end of this quarter as by their own announcements. Indian refiners are increasing procurement from the Middle East, Latin America, West Africa, Canada, and the US.

    This is already known for some time, you’d find many reports on web (I’ve even read posts about it here on Lemmy if I am not mistaken, but I am not sure about that).