Oil buyers pull all levers to replace Russian imports

OIL REFINERS ARE reaching for all available options in the rush to make up for Russian flows hit by Washington's latest round of sanctions, turning to the spot market while simultaneously seeking more long-term supplies from West Asian producers.

- RAKESH SHARMA

State-owned processors have issued a slew of spot tenders in recent weeks, snapping up oil from all corners of the world, including West Asia, Africa and the US.

Some cargoes are scheduled to load as early as February, indicating the urgency of replacements for the Russian flows India has become reliant on.

The haste contrasts with comments from senior government officials, who have repeatedly suggested confidence that Russian crude will keep flowing once Moscow reassembles its dark fleet and works around the long list of measures announced earlier this month.