India’s largest oil refinery says Russian crude supplies are normal.
Russian crude continues to be traded on the spot market as in previous years. Barrels are being sold at a discount of $2-$3 per barrel when delivered to Indian ports in Dubai through an oil trading company, according to Anuj Jain, chief financial officer of Indian Oil Corp Ltd.
The state-owned IOC is buying Russian oil even from traders under EU and UK sanctions.
While European and American countries have abandoned Russian oil in 2022 due to the conflict in Ukraine, India has taken advantage of lucrative deals to become the largest buyer of Russian offshore oil.
The Indian government led by Narendra Modi has said it will continue to buy Russian oil as it is cost-effective.
The drop in August supplies is due to state-owned refineries cutting purchases due to lower discounts.
Jain confirmed to Reuters that oil purchases from Russia had not stopped and the company had already signed contracts for October and November.
He noted that the decrease in purchases was due to the large volume of inventories that needed to be optimized
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