Indian refiners have been increasing their purchases of US crude oil in recent months, as stricter sanctions on Russia have limited their ability to import oil from the country. The move comes as India seeks to diversify its sources of crude oil and reduce its reliance on Russian supplies.
The United States has become an attractive alternative for Indian refiners, as the country has ramped up its production of crude oil in recent years, becoming one of the world’s largest producers. This has allowed US crude to become more competitive in terms of price and availability compared to other suppliers.
The stricter sanctions on Russia, imposed by the United States and its allies in response to Russia’s invasion of Ukraine, have made it more difficult for Indian refiners to import oil from the country. This has forced them to look for alternative sources of crude oil, with the US emerging as a viable option.
Indian refiners have been increasing their purchases of US crude oil in recent months, with some companies signing long-term supply contracts with American producers. This has helped to diversify India’s sources of crude oil and reduce its dependence on Russian supplies.
The increase in purchases of US crude oil by Indian refiners is also seen as a strategic move to strengthen ties with the United States, which is a key ally for India in the region. By increasing imports of US crude oil, India is not only reducing its reliance on Russian supplies but also deepening its economic and strategic partnership with the US.
Overall, the increase in purchases of US crude oil by Indian refiners is a positive development for both countries. It helps India diversify its sources of crude oil and reduce its dependence on Russian supplies, while also strengthening its ties with the United States. As the global energy landscape continues to evolve, partnerships like these will be crucial for ensuring energy security and stability in the region.
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- Source: https://zephyrnet.com/indian-refiners-buy-more-us-crude-amid-tighter-russia-sanctions/