GERMANY: Union/SPD Migration Alignment After Turmoil Threatened Debt Deal (BILD)

GERMANY: Official Interim Election Results Tilt Towards Missing BSW & FDP

© 1982-2025 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

OIL: U.S. Sanctions Not Likely to Hit Indian Crude Availability

OIL
BulletEnergy BulletsCommodities

Indian Oil Corp Chairman Arvinder Singh Sahney says US sanctions on Russia will not impact India’s oil supply, the Times of India reports.

  • "We are still understanding how things will pan out. But we are very confident that it (sanctions) will not have any impact on crude availability for Indian refineries. I can speak for all of them, even private (sector)," Arvinder Singh Sahney said.
  • Diversified procurement sources and technical flexibility allows Indian refineries to explore multiple alternatives, Sahney added, saying that India buys crude from the Gulf, Africa, the Americas, OPEC and non-OPEC producers. India is also looking to buy from new sources, such as Brazil and Guyana.
  • Sahney expects oil prices to be in the $75-80/bbl range this year.
  • Recent sanctions imposed on Moscow on Jan. 10 have pushed Chinese and Indian buyers to seek alternative supplies.
  • Bloomberg reported yesterday that Indian Oil Corp had purchased at least 6m bbl of crude from the US and West Africa.
  • Prior to that, IOC had purchased 10m bbl of oil since the start of the year to replace missing Russian barrels, including supplies from West Africa, the US and the Middle East.
186 words

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.

Indian Oil Corp Chairman Arvinder Singh Sahney says US sanctions on Russia will not impact India’s oil supply, the Times of India reports.

  • "We are still understanding how things will pan out. But we are very confident that it (sanctions) will not have any impact on crude availability for Indian refineries. I can speak for all of them, even private (sector)," Arvinder Singh Sahney said.
  • Diversified procurement sources and technical flexibility allows Indian refineries to explore multiple alternatives, Sahney added, saying that India buys crude from the Gulf, Africa, the Americas, OPEC and non-OPEC producers. India is also looking to buy from new sources, such as Brazil and Guyana.
  • Sahney expects oil prices to be in the $75-80/bbl range this year.
  • Recent sanctions imposed on Moscow on Jan. 10 have pushed Chinese and Indian buyers to seek alternative supplies.
  • Bloomberg reported yesterday that Indian Oil Corp had purchased at least 6m bbl of crude from the US and West Africa.
  • Prior to that, IOC had purchased 10m bbl of oil since the start of the year to replace missing Russian barrels, including supplies from West Africa, the US and the Middle East.