Indian refiners are scaling back buying of Russian crude from elevated levels, as Ukrainian attacks hurt flows from the nation’s top supplier.
Given the pressure on Moscow’s crude exports, processors have been seeking alternative barrels from regions including West Africa and even the Americas, while also turning to Persian Gulf suppliers despite still-restricted flows through the Strait of Hormuz because of the US-Iran war.
The shift in Indian processors’ buying patterns coincides with an expected increase in nationwide demand as a spate of plant maintenance comes to an end, enabling refiners to boost run rates and step up production.
Also Read: China boosts imports of Russian crude, stymieing India's refiners
