Now Reading: Indian refiners shift away from Russian crude amid attacks
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Indian refiners shift away from Russian crude amid attacks
Indian refiners are reducing purchases of Russian crude in August, as Ukrainian attacks on Russian ports and refineries disrupt export flows. Imports from Russia are expected to drop to about 2 million barrels a day, down from a high of roughly 2.8 million barrels in July, according to Kpler analyst Sumit Ritolia.
Refiners including Indian Oil Corp have issued tenders for supplies from the Americas and the Persian Gulf. Hindustan Petroleum and Mangalore Refinery also made snap purchases of non-Russian crude this week. The shift follows a period when Russia supplied more than half of India's imports.
Competition with China for Russian barrels is increasing, with some October-loading Sokol cargoes bought unusually early. Indian refiners are balancing supply security with higher freight costs from longer voyages. Kpler expects Russian flows to India to normalise above 2 million barrels a day in the coming months.
Indian Opinion Analysis
The two BusinessLine articles present diverging frames on Indian crude sourcing: the August 25 version emphasises diversification toward Russia, UAE and South America as a resilience strategy against Strait of Hormuz disruptions, while the August 26 version foregrounds a retreat from Russian crude due to Ukrainian attacks on Russian ports. The earlier piece highlights Russian oil as India's main base despite the Graham Bill threat, the later piece treats the same Russian decline as a supply problem requiring rare tenders from the Americas. Neither engages with the cost implications the first article details. Imports are expected to normalise above 2 million barrels a day in coming months, and India's next tender outcomes will reveal the new balance.
Coverage: 2 sources, 2 neutral
Sources (2): thehindubusinessline.com (neutral report), thehindubusinessline.com (2) (neutral report)
This brief was synthesised by AI from the 2 sources linked above, so one read covers every framing they carry. Methodology and corrections.
Updated: this story now draws on 2 sources.
