Indian Refiners Boost Russian Oil Buys Amid Iran War Supply Crunch

• Indian refiners are purchasing millions of barrels of prompt Russian crude oil cargoes due to an oil supply crunch from the Middle East conflict.
• 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.
• 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.
• State refiners including Indian Oil Corp, Bharat Petroleum Corp, HPCL, and MRPL are actively discussing prompt Russian cargo deliveries.
• 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.