Indian refiners see Moscow finding path around latest oil curbs
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Processors are hopeful that the new US government may help to blunt the impact of the far-reaching curbs announced last week, if incoming officials take a conciliatory approach toward Russia, according to people familiar with the matter. At the same time, companies are seeking more optional volumes from Saudi Arabia and Iraq under term contracts to guard against shortfalls, they said, declining to be identified as matters are confidential.
The global oil market has been thrown into turmoil in recent days — with Brent crude hitting the highest level in five months — as the outgoing Biden administration announced its boldest package of sanctions yet against Russia’s oil industry. The restrictions, which will kick in after a grace period, pose a serious challenge for refiners in India as they’ve become major customers for Russian oil following the invasion of Ukraine in 2022.
Indian refners are confident that losing access to cheap Russian crude would be only temporary given that Moscow would be under tremendous pressure to find a way to restore flows if China and Turkey remained its only other major buyers, said the people.
Following the sanctions announcement, a senior Indian government official said on Monday that the country would still accept delivery of all cargoes that were both booked ahead of the restrictions,
