India turned to other suppliers such as OPEC countries, the United States, Guyana and Brazil.
New US sanctions against Russia will affect its oil supply, so Indian Oil Corporation is looking for alternatives, said Arvinder Singh Sahni, chairman of the board of directors of India’s largest oil refining company. Bloomberg reported this.
The sanctions could affect the daily supply of up to 2 million barrels of Russian oil to India and China. Hence, to fill the shortfall, India, he said, will switch to other suppliers such as OPEC countries, the US, Guyana and Brazil.
State-controlled Indian Oil will also find alternatives, Sahni said.
Before the war against Ukraine, Russia provided less than 2% of India’s oil imports, but by mid-2024 its share will reach almost 45%, according to Kpler. The main reason is the discount at which Russia has to sell its oil due to sanctions, the European embargo and the price ceiling imposed by Western countries.
It was earlier reported that India is increasing oil imports from the Middle East to compensate for the reduction in supplies from Russia caused by OPEC+ sanctions and restrictions.
It has also been reported that India’s state-owned oil refineries are conducting joint negotiations with Russia on a long-term oil import agreement.
Source: korrespondent
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