India reduces import of Russian crude oil over pricing
11 months, 1 week ago

India reduces import of Russian crude oil over pricing

Hindustan Times  

Indian refiners have significantly cut Russian crude imports and plan to further decrease shipments from the sanctions-hit country after Moscow steeply reduced discounts from about $10 a barrel to around $2 in recent months, at least four people directly aware of the development said. Indian oil companies have decided to cut crude imports from Russia because of only one reason, price, they said, requesting anonymity. On January 3, oil minister Hardeep Singh Puri told reporters that Indian refiners started buying Russian crude only after it started offering discounts. In 2022, the US consumed 822.7 million tonnes of crude, China 659.2 MT or 14.3 million tonnes per day, and India 236.9 MT of crude oil, which was 5.2 million tonnes a day.

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