Russian Oil Uncertainty Hangs Over India’s Largest Buyers

Indian state-owned refiners including Indian Oil Corporation, Bharat Petroleum, and Hindustan Petroleum have received reduced allocations of Russian crude oil in recent months, according to Reuters reporting. The refiners have sourced Russian oil at lower volumes amid ongoing Middle East tensions and potential new U.S. sanctions targeting purchases from Russia. The three companies collectively process approximately 60 percent of India's crude oil and have historically relied on Russian supplies at discounted prices.

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