India has been one of the largest buyers of Russian crude oil despite the sanctions imposed by Western countries. However, the country has now started to reduce its purchases due to transportation and payment issues. In response to these challenges, Indian refineries are shifting their focus to the United States and the Persian Gulf.
Indian companies, including state-owned Bharat Petroleum and Indian Oil, as well as private processor Reliance Industries, have significantly increased their purchases from the United States. This shift in purchasing patterns is seen as a response to the difficulties faced in importing Russian oil.
Russian exports of petroleum products have decreased due to logistical challenges and political considerations, with Indian refiners seeking alternatives to Russian oil. European countries continue to import Russian oil products, while China has also shown a demand for cheap oil.
Overall, India’s geopolitical landscape and economic considerations are driving changes in its oil purchasing patterns, with a focus on diversification and maintaining relationships with various global partners.
