By Eliza Popova
This is reported by the Bloomberg agency. Until recently, Reliance remained the largest importer of Russian oil in India, receiving raw materials under a long-term contract with Rosneft. However, after the introduction of sanctions, the company is forced to look for new sources of supply. In October, Reliance bought at least 10 million barrels of oil on the spot market, mostly of Middle Eastern grades, sources said. Most of the agreements were concluded after the introduction of US restrictions.
A representative of the corporation declined to comment. Analysts note that against the background of new sanctions, the flow of Russian oil to India may drop sharply, with the exception of supplies to Nayara Energy, which is partially controlled by Rosneft. At the same time, the demand for Middle Eastern types of oil is growing, which has already led to an increase in their cost. After a recent spike, oil prices have gradually stabilized. According to data on October 24, Brent futures rose by 0.
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