Indian refiners widen oil search as Ukrainian attacks hurt Russian flows

Indian refiners are reducing their purchases of Russian crude oil due to Ukrainian attacks disrupting flows from Russia, their top supplier. According to The Economic Times, imports of Russian crude are expected to fall to about 2 million barrels a day, down from a high of around 2.8 million barrels in July.

The refiners are seeking alternative sources of crude oil from regions including West Africa and the Americas, as well as from Persian Gulf suppliers. This shift in buying patterns coincides with an expected increase in nationwide demand as plant maintenance comes to an end, allowing refiners to boost production.

The global crude market is experiencing disruptions due to conflicts between Moscow and Kyiv, as well as in the Middle East. Russia became India's dominant supplier after the war in Ukraine erupted in 2022, and its exports had accounted for more than half of India's imports last month.

Brief written by urgent.news from Business Standard IN, The Economic Times, Bloomberg, Meduza (English) — 4 reports on this story. Machine-written — may contain errors; check the original before relying on it.