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India may buy Mideast oil to replace Russian shortfall
Millennium Post Delhi
|December 25, 2024
“The three large state-owned refiners- IOC, BPCL and HPCL are short of 8-10 million barrels of Russian oil for January loading”
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NEW DELHI: Indian state refiners are considering tapping the Middle East crude market as spot supply from their top supplier Russia have fallen, three refining sources said, in a move that could support prices for high-sulphur oil.
The three large state refiners- Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) are short of 8-10 million barrels of Russian oil for January loading, the sources told Reuters.
The refiners fear continued problems in securing Russian oil in the spot market could continue in coming months as Moscow's own demand is rising and it has to meet commitments under the OPEC pact.
However, they added that they can draw from their inventories to meet crude processing needs in March.
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