Indian oil firms dial down Russian imports, seek new suppliers
Indian oil companies are dialing down their Russian crude imports after attacks on supply routes and Black Sea ports disrupted shipments.
Imports are expected to drop from a high of 2.8 million barrels per day in July to about 2 million this month, according to senior manager of modeling at analytics firm Kpler Sumit Ritolia.
With Russia exporting less and China snapping up cheap oil, India is now hunting for new suppliers.
India taps Americas and Gulf crude
As local fuel demand rises and refinery maintenance wraps up, companies like Indian Oil Corp and Hindustan Petroleum are buying more crude from the Americas and the Persian Gulf, something they rarely do.
India is also exploring options in West Africa, all while navigating global supply challenges and staying flexible amid shifting energy markets.