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Indian Refiners Boost Russian Oil Purchases Amid Iran War Supply Disruptions
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Indian Refiners Boost Russian Oil Buys Amid Iran War Supply Crunch
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CNBC TV18
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06-03-2026, 00:38
Indian Refiners Boost Russian Oil Buys Amid Iran War Supply Crunch
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Indian refiners are purchasing millions of barrels of prompt Russian crude oil cargoes due to an oil supply crunch from the Middle East conflict.
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This move follows previous U.S. pressure on New Delhi to reduce Russian oil purchases, aimed at cutting funds for Moscow's war in Ukraine.
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India is highly vulnerable to energy supply shocks, with crude stocks covering only about 25 days of demand, and 40% of imports from the Middle East.
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State refiners including Indian Oil Corp, Bharat Petroleum Corp, HPCL, and MRPL are actively discussing prompt Russian cargo deliveries.
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Russian Urals are now being sold to India at a premium of $4-$5 per barrel to Brent for March/April delivery, a stark contrast to earlier discounts.
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