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India’s state-run refiners Indian Oil and Bharat Petroleum have bought Russian oil for September and October delivery
Russian Crude Oil (Representative Image)
India’s state-run refiners Indian Oil and Bharat Petroleum have bought Russian oil for September and October delivery, resuming purchases after discounts widened, two company officials aware of the matter said on Wednesday.
The refiners had halted purchases in July due to narrower discounts and after India was criticised by Washington for its purchases of Russian oil.
President Donald Trump also threatened an additional 25 per cent levy on Indian goods, effective August 27, to penalize New Delhi for its continued buying of the oil.
Discounts for Russian flagship Urals crude have widened to about $3 per barrel, making the oil attractive for Indian refiners, while China has stepped up purchases, the officials said.
In addition to Urals, IOC has also bought other Russian crude oil grades, including Varandey and Siberian Light, they said. Indian companies do not comment on their crude imports.
On Monday, IOC, the country’s top refiner, told analysts that it would continue to buy Russian oil depending on economics.
(This story has not been edited by News18 staff and is published from a syndicated news agency feed – Reuters)
Aparna Deb is a Subeditor and writes for the business vertical of News18.com. She has a nose for news that matters. She is inquisitive and curious about things. Among other things, financial markets, economy, a…Read More
Aparna Deb is a Subeditor and writes for the business vertical of News18.com. She has a nose for news that matters. She is inquisitive and curious about things. Among other things, financial markets, economy, a… Read More
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