India’s splurge on cheap Russian crude may be over, as New Delhi’s traditional suppliers in the Middle East step back in with attractive conditions.
“Our dependence on Russian oil is going to decrease sharply,” Oil Minister Hardeep Puri said in an interview. “The cost viability from the Gulf is much more attractive now.”
However, rising prices have squeezed the discount on Russian crude and limited the attractiveness of those spot purchases, making other sources, some with term contracts, appealing once again. Moscow has also said this week it plans to extend export curbs. Refiners last month also cut shipments from Iraq, another top source of crude, by 10% to 848,000 barrels a day. Those from Saudi Arabia jumped 63% on month to 852,000 barrels a day, the data showed.He added the government was not involved in the buying decisions of India’s refiners, but instructed them to follow the Group of Seven price cap on Russian oil.
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