India shuns costly Russian oil as Middle East flows recover
· economictimes.indiatimes.com
Indian refiners have decreased their purchases of Russian crude oil for November delivery as prices rise. Competition from China is further driving up these prices, prompting a shift back to Middle Eastern oil sources. Imports from Russia have significantly fallen, with shipments dropping to their lowest level since March 2022. Indian refiners may find greater appeal in Middle Eastern oil due to the associated shipping efficiencies.
Synopsis
Indian refiners have decreased their purchases of Russian crude oil for November delivery as prices rise. Competition from China is further driving up...