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OIL: Indian Refiners Looking to Middle East for Spot Crude Supplies

OIL
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Indian refiners are considering more spot Middle East crude purchases as supply from top supplier Russia have fallen industry sources told Reuters on Tuesday. 

  • The three large state refiners- Indian Oil Corp, Bharat Petroleum Corp and Hindustan Petroleum - are short of 8-10 million barrels of Russian oil for January loading.
  • Issues getting hold of Russian crude due to OPEC commitments and Moscow’s own domestic demand are expected to persist into the coming months.
  • Sources said there are traders in the market that are willing to supply Russian oil for payments in Chinese Yuan but noted that state refiners stopped paying for Russian oil in the Chinese currency after advice from the government last year.
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Indian refiners are considering more spot Middle East crude purchases as supply from top supplier Russia have fallen industry sources told Reuters on Tuesday. 

  • The three large state refiners- Indian Oil Corp, Bharat Petroleum Corp and Hindustan Petroleum - are short of 8-10 million barrels of Russian oil for January loading.
  • Issues getting hold of Russian crude due to OPEC commitments and Moscow’s own domestic demand are expected to persist into the coming months.
  • Sources said there are traders in the market that are willing to supply Russian oil for payments in Chinese Yuan but noted that state refiners stopped paying for Russian oil in the Chinese currency after advice from the government last year.