Reuters, Bloomberg and other reports on October 23 said, as the US and Western countries continue to increase sanctions against Russia, and the US-India trade negotiations continue to progress, Indian oil refining companies are adjusting their crude oil purchases, actively reducing the amount of Russian oil they buy. On one hand, state-owned refiners such as Indian Oil Corp, Bharat Petroleum Corp, and Hindustan Petroleum Corp are conducting a comprehensive review of their petroleum trade documents with Russian oil companies Lukoil and Rosneft, aiming to avoid direct supply from these two enterprises in order to avoid being affected by US sanctions. On the other hand, Reliance Industries, India's largest buyer of Russian oil, has clearly stated that it will adjust the scale of Russian oil imports and strictly comply with the relevant guidelines issued by the Indian government. Sources said that Reliance Industries has initiated an alternative procurement plan, starting to purchase spot crude oil from the Middle East and Brazil markets, thereby partially replacing Russian oil supply.
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