New US sanctions against the Russian Federation are pushing both Indian and Chinese oil refiners to seek alternative sources of supply.
Amid expectations that the latest US sanctions could hit oil supplies from the Russian Federation, Indian oil refining company Indian Oil Corp (IOC) announced the first tender for sour oil since March 2022. This was reported by Reuters citing sources.
According to the interlocutors, in addition to the search for sour oil (depending on the sulfur content, the oil is called sweet or sour), the IOC announced a separate tender for the purchase of sweet oil for load from February 16 to March 15. Tenders close on January 16.
IOC and other Indian refiners have reportedly increased their purchases of discounted Russian oil after Western countries imposed sanctions on Moscow and refused to buy it because of a full-scale Russian invasion of Ukraine in 2022.
New tough US sanctions against Russian producers and Russian shadow fleet oil tankers are pushing Indian and Chinese oil refiners to look for alternative sources of supply.
We remind you that the United States has introduced large-scale sanctions against Russian oil and Russia’s “shadow fleet”.
It was also reported that the sanctions imposed by the United States against the Russian oil industry led to the closure of approximately one-tenth of the so-called “shadow fleet” used to transport oil.
Source: korrespondent
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