Indian refiners are seeking crude for November delivery. After the US last week
signed a broad sanctions bill into law, the threat of new punitive tariffs has
increased, which could prompt Indian refiners to reduce purchases of Russian
crude. India, the world’s third-largest crude buyer, has in recent months
imported more than half its crude from Russia to offset high oil prices and
ongoing Middle East supply disruptions. Sources say major Indian refiners have
begun actively seeking alternative suppliers over the past few days.
