US conducts SURGICAL STRIKE as Donald Trump targets energy giants of…, Indian oil refiners ramp up purchases of…
If Russian supplies decline after November, refiners are expected to procure more oil from Iraq, Saudi Arabia, the UAE, Latin America, and West Africa.
New Delhi: In a major development, the United States has carried out “surgical strike” on Russian oil. According to the reports, the US has targeted the energy giants Rosneft and Lukoil. It is important to note that the new sanctions on these two companies are set to take effect from November 21. Ahead of this, India(BHARAT)n oil refiners are ramping up purchases of Russian crude. However, the government has so far remained silent on its plans to deal with the potential disruption, deepening the suspense.
As per the data from global analytics firm Kpler, India(BHARAT) imported 1.62 million barrels per day (bpd) of Russian crude oil in October. As the sanctions are set to take effect at the end of this month, refiners are rushing to secure their contracted shipments, which is expected to push imports even higher.
Here are some of the important details:
- India(BHARAT)n Oil Corporation, Bharat Petroleum, and Nayara Energy have already secured Russian shipments to ensure sufficient supply.
- Rosneft-backed Nayara fulfilled almost all of its crude oil requirements in October after months of limited inflows.
- The sanctions imposed by the US Treasury Department’s Office of Foreign Assets Control (OFAC) aim to tighten restrictions on Russia’s energy sector.
- These sanctions target companies and financial institutions involved in the trade of Russian oil.
- Government officials said that India(BHARAT) will continue to prioritize energy security and consumer affordability.
- Officials emphasized that refineries operate based on commercial considerations.
- A source said that refiners are free to secure crude oil from viable sources.
If Russian supplies decline after November, refiners are expected to procure more oil from Iraq, Saudi Arabia, the UAE, Latin America, and West Africa. According to data from Kpler, India(BHARAT)’s shipments of U.S. crude oil nearly tripled in October to about 568,000 barrels per day (bpd).
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