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OIL: India Refiners Turn to Middle East for Barrels

OIL
IndiaEnergy BulletsBulletAPACCommodities

Indian oil refiners turn to the spot market, and seek long-term supplies from Middle Eastern producers in the face of US sanctions on Russian flows – InsiderIndia

  • State-owned processors have issued a slew of spot tenders in recent weeks, securing oil from Middle East, Africa and US, InsiderIndia reports. Some cargoes are scheduled to load as early as February, indicating urgency to replace Russian flows to India.
  • Indian refineries also reportedly seeking long-term supplies from OPEC countries. Aramco is in talks with Indian refiners for financial year 2025-26, while Adnoc has also been approached, with at least one state-owned refiner seeking more cargoes from the company.
  • This comes following 2 years of heightened Indian purchases of discounted Russian crude; Russian crude accounted for a third of total Indian crude imports, at around ~1.8m bpd last year. Prior to 2022, Iraq, Saudi Arabia and the UAE dominated Indian crude imports.
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Indian oil refiners turn to the spot market, and seek long-term supplies from Middle Eastern producers in the face of US sanctions on Russian flows – InsiderIndia

  • State-owned processors have issued a slew of spot tenders in recent weeks, securing oil from Middle East, Africa and US, InsiderIndia reports. Some cargoes are scheduled to load as early as February, indicating urgency to replace Russian flows to India.
  • Indian refineries also reportedly seeking long-term supplies from OPEC countries. Aramco is in talks with Indian refiners for financial year 2025-26, while Adnoc has also been approached, with at least one state-owned refiner seeking more cargoes from the company.
  • This comes following 2 years of heightened Indian purchases of discounted Russian crude; Russian crude accounted for a third of total Indian crude imports, at around ~1.8m bpd last year. Prior to 2022, Iraq, Saudi Arabia and the UAE dominated Indian crude imports.