Storage tanks at an oil refinery in Vadinar
Indian refiners look to diversify crude sources
The country is trying to reduce dependence on Russian barrels amid a narrowing of the gap between them and Middle Eastern grades
Indian Petroleum Minister Hardeep Singh Puri set the tone for India’s oil buying strategy at the start of the year. "India has started to diversify its crude oil sources and is not dependent on Russian crude," he said at a press conference in New Delhi. The reason is largely driven by price as Indian companies no longer enjoy the steep discounts that had been offered, which reached more than $20/b to average Brent prices at some points. The gap is now barely a few dollars. Indeed, the decreasing price differential between Russian and Middle Eastern crude grades, long-term contract obligations with Middle East sellers, payment issues, and the price-cap compulsion on Russian purchases are forc
Also in this section
16 April 2025
Israel continues to strike new oil and gas concession agreements and gas exports continue to rise, but an overreliance on Egypt remains the big concern
15 April 2025
Loss of US shipments of key petrochemical feedstock could see Beijing look to Tehran with tariffs set to upend global LPG flows
15 April 2025
Australia’s East Coast Gas projections for a supply shortfall have been pushed further out, but the challenge to meet evolving gas demand and the shifting assumptions around the fundamentals remain just as stark
15 April 2025
Long-delayed prospects for onshore LNG production in Mozambique have improved thanks to US financing approval, but security challenges blight way ahead
