India has started buying oil from Iraq and Qatar following US sanctions against Russia's Lukoil and Rosneft
Reliance Industries, India’s largest oil purchaser, has acquired Saudi Khafji, Iraqi Basrah Medium, Qatari Al-Shaheen, and American WTI, with deliveries expected in December–January.
Reliance remains the biggest importer of Russian oil into India, but U.S. sanctions on Rosneft and Lukoil are expected to significantly reduce its supplies.
In October alone, the Indian company purchased at least 10 million barrels of crude on the spot market, with most volumes coming from Middle Eastern grades, according to traders.
The majority of Reliance Industries’ crude purchases were made after the U.S. sanctions on Russia.
Other Indian refineries are seeking alternative spot supplies from the U.S., Brazil, and the Persian Gulf region.
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