The reduction in supplies from Russia is due to increased Western sanctions, increased load on Russian oil refineries and the implementation of OPEC+ quotas.
India is increasing its oil imports from the Middle East to compensate for reduced supplies from Russia caused by OPEC+ sanctions and restrictions. Bloomberg reported this on Tuesday, December 31.
Bharat Petroleum, one of India’s largest oil refiners, has announced a cut in Russian oil supplies for January-February. According to the company’s chief financial officer, Vetsa Ramakrishna Gupta, they got alternative supplies from Iraq, the UAE and other Middle Eastern countries, even though their prices were $2 higher.
The reduction in supplies from Russia is due to increased Western sanctions, increased load on Russian oil refineries and the implementation of OPEC+ quotas. In December, oil imports from Russia to India fell to the lowest level in a year – 1.47 million barrels per day.
At the same time, Bharat Petroleum does not yet plan to increase volumes under annual contracts with national oil companies, negotiations for which should take place next month.
It was earlier reported that Indian-owned oil refining companies are conducting joint negotiations with Russia on a long-term oil import agreement.
Let’s recall that India’s oil imports from Russia rose in May to a record 2.1 million barrels per day, linked to a drop in China’s demand for Russian oil.
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Source: korrespondent
I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.