No slackening of Russian oil supply to Indian refiners

State-owned oil firms are still buying oil from Russian suppliers, and negotiating spot deals

- Rituraj Baruah

India continues to buy oil from Russia not with standing the punishing penalty and calling out by the US earlier this week, and it is even reaping a bigger discount.

State-owned refiners—Indian Oil Corp Ltd (IOC), Bharat Petroleum Corp Ltd (BPCL) and Hindustan Petroleum Corp Ltd (HPCL)—continue to buy oil from Russian suppliers, and negotiations are underway for spot deals, said two people who are aware of the developments.

One of the two people mentioned above said that over the past few days, two cargoes of Russian oil had been purchased by Indian refiners with better discounts than usual.

"OMCs (oil marketing companies) are negotiating for Russian oil supplies currently. There is no decision as to go slow or stop Russian oil," said the person mentioned above. "They (Russian supplies) may have declined amid cheaper global oil prices and narrowing discounts in the past, but there is no decision on halting imports from Russia."