Indian refineries refuse to purchase Russian oil through new US duties - Bloomberg
, are currently refrained from the default purchases of Russian oil in the next cycle, waiting for clear government recommendations. The sources that wished to remain anonymous confirmed that this step was a response to new American tariffs, which, in particular, provide 25% of duty on energy cooperation with the Kremlin. Yes, on Thursday, Indian Oil Corp has purchased about five million raw oil barrels in the US, Brazil and Libya, which indicates the search for alternative suppliers.
At the same time, the Indian government has not officially given the storage of Russian oil, and Prime Minister Naandra Modi publicly resists Trump's new tariffs. The world oil market has exacerbated India, as the country is one of the largest buyers of Russian oil. In general, the escalation of US sanctions aims to increase pressure on Moscow and force it to end the war in Ukraine. At the same time, China, which also actively purchases Russian oil, has not yet undergone such restrictions.
Increased tension has affected oil futures, in particular traders estimate the risks of supply disruptions and the ability of Russia to quickly find new buyers. The price of Brent oil remained stable - about $ 67 per barrel - after five days of fall. Typically, oil purchases are made under short-term contracts with cargo booking for one and a half to two months in advance, which allows the factories to plan inventories.
Bloomberg sources have reported that the current pause would affect the supply of Russian oil Urals, which were planned for October. Although the total amount of purchases will not fall to zero, it is expected to increase the demand for oil from the United States, the Middle East and Africa. It should be noted that at the end of July, India has already purchased less barrels of Urals because of the high cost of offers.
Since then, state plants have intensified tenders for the purchase of oil from other regions. Private Reliance Industries Ltd. and Nayara Energy Ltd. They are not commenting on the situation, although Nayara has already felt a decline in production through EU sanctions. Sources report that Urals and September goods will probably be delivered by plan if New Delhi does not change their position.
In the midst of purchases, India imported more than 2 million barrels of Russian oil a day - earlier purchases were almost zero. In addition, the former director of Bharat Petroleum R. Ramacandran noted that "operating disruptions may be over time, but the balance of supply and supply of crude oil will be restored.
" He added that in the event of complications with Russia's supply from Russia, the main substitutes will be Middle Eastern varieties of oil, especially from Saudi Arabia and Iraq, which have geographical advantages and wide high -quality spectrum. Recall that on August 6, US President Donald Trump signed a decree on the introduction of an additional duty of 25% for imports from India.