In the wake of stricter sanctions imposed on Russia by the United States and its allies, Indian refiners have been increasing their purchases of US crude oil as a way to diversify their supply sources and reduce their reliance on Russian oil.
The sanctions on Russia, which were imposed in response to its invasion of Ukraine, have disrupted global oil markets and raised concerns about the stability of energy supplies. In particular, the sanctions have targeted Russian oil exports, leading to disruptions in the supply chain and causing prices to spike.
In response to these developments, Indian refiners have been looking to secure alternative sources of crude oil to ensure a steady supply for their operations. One of the key beneficiaries of this shift has been the United States, which has emerged as a reliable and attractive supplier of crude oil for Indian refiners.
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 trend is expected to continue as Indian refiners seek to diversify their supply sources and reduce their exposure to geopolitical risks.
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 and enhance energy security. By expanding their sourcing options and reducing their reliance on Russian oil, Indian refiners are positioning themselves to better navigate the uncertainties in the global oil market.
Overall, the decision by Indian refiners to increase their purchases of US crude oil in response to stricter sanctions on Russia reflects a broader trend towards diversification and risk management in the energy sector. As geopolitical tensions continue to impact global oil markets, countries like India are taking proactive steps to secure their energy supplies and protect their interests.
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- Source: https://zephyrnet.com/indian-refiners-buy-more-us-crude-amid-tighter-russia-sanctions/