State-run refiners examine Russia oil options after curbs

SINCE THE LATEST SANCTIONS BY THE U.S., REFINERS HAVE STAYED OUT OF THE MARKET FOR URALS CRUDE, RUSSIA’S BENCHMARK GRADE

- Bloomberg

India’s state-run refiners are considering whether they can continue to take some discounted Russian oil cargoes by leaning on small suppliers instead of energy giants Rosneft PJSCand Lukoil PJSC, both blacklisted by the US last week.

Since the latest round of US sanctions was announced, refiners including Indian Oil, Bharat Petroleum and Hindustan Petroleum have stayed out of the market for Urals crude, Russia’s benchmark grade. They are instead waiting for government direction and weighing their options, according to senior refinery executives.