“Indian state-owned oil refining companies found themselves in a critical situation due to a reduction in Russian oil supplies. This could lead to an energy crisis, because the country’s dependence on Russian oil exceeds a third of its total energy imports.”, — write: www.pravda.com.ua
Indian state-owned oil refining companies found themselves in a critical situation due to a reduction in Russian oil supplies. This could lead to an energy crisis, because the country’s dependence on Russian oil exceeds a third of its total energy imports.
Source: Reuters, citing three sources in the oil refining industry
Details: According to the publication’s sources, India’s three largest oil refining companies – Indian Oil Corp, Bharat Petroleum Corp and Hindustan Petroleum – did not receive the expected 8-10 million barrels of Russian oil to load capacities in January.
The decrease in exports from Russia is related to the growth of domestic demand in Moscow, its obligations to OPEC and weather conditions that hinder shipping.
These factors have raised alarm among Indian companies. Experts warn that problems with the supply of Russian oil may persist in the coming months.
Literally: “Indian refiners are considering using inventories to meet demand through March. Two sources said their companies could get more crude from Middle Eastern suppliers with additional volumes in forward contracts or hold a spot tender for high-sulfur crude.”
Details: India has become the largest importer of Russian oil after the introduction of EU sanctions in 2022. Russian oil accounts for more than a third of the country’s energy imports.
India’s state-owned refiners have stopped using the Chinese yuan to pay for Russian oil on government advice, complicating financial transactions.