State refineries are looking for Russian oil replacement in the area market and have begun to buy it from countries in the Middle East of OPEC in West Africa.
The state of Indian refinery left Russia’s barrels after the US decision to increase duties to India’s goods by 50%. She is writing about it Bloomberg On Thursday, August 7.
Indian state oil refineries – Indian oil, Bharat Petroleum And Hindustan petroleum – Socused oil purchases from Russia. The reason is that Donald Trump’s decision to introduce new Indian export duties to the Kremlin’s energy collaboration.
Currently, refinery is not planning to open tenders for Russia’s oil to the nearest acquisition cycle and expect official clarification from the government. The decision remembers the supplies in October.
This week, the White House announced the rising duties for India to 50% and warned the possibility of introducing similar restrictions to other countries to buy oil or oil products in Russia.
India’s Ministry of Foreign Affairs called the US decision “unreasonable” and said it would take steps to protect the national interest.
After the start of a whole war war, Russia became the largest supplier of oil in India – it costs up to 35% of imports. According to the results of the first half of the year, the volume of supplies reached 1.75 million barrels per day, in June rose to 2 million barrels.
By the end of July, India had stopped buying after the first wave of duties, but soon continued with them. The country’s authorities have not released official instructions to companies to tighten imports from the Russian Federation.
And according to Bloomberg, the largest Indian Reliance industries oil refinery, owned by billionaire Mukesh Ambani, has begun to look for an alternative to 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.