Pvt sector refiners cut Russian imports as oil discounts fall

PRIVATE sector refiners, including Reliance Industries and Rosneft-backed Nayara Energy, have reduced their imports of Russian crude by 18% month-on-month in November 2024, as the discount on oil from the country has narrowed.

- RAKESH KUMAR @ New Delhi

As per energy cargo tracking firm Vortexa, private refiners imported a total of 726,585 barrels per day (bpd) from Russia in November, down from 885,983 bpd in October and 761,941 bpd in September. Despite reduction in Russian crude imports, private sector refiners saw a 5% month-on-month rise in exports, though the destination has shifted from Europe to Asia.