India’s state-owned refineries are looking for options to buy crude from the Middle East due to difficulties with Russian imports.
This is reported by Reuters.
The agency writes that Indian Oil, Bharat Petroleum and Hindustan Petroleum are short of up to 10 million barrels of oil from Russia next January to utilise capacity.
Earlier Bloomberg, citing sources, reported that the administration of United States President Joe Biden plans to tighten sanctions against Russian oil exports. According to the agency, the measures could lead to a sharp rise in oil prices, as the largest buyers of Russian oil are India and China.
