India Shifts Oil Suppliers, Affecting Global Markets

Indias largest oil refiners halt Russian crude purchases, turning to Saudi Arabia, UAE, and Iraq instead. Only two companies, Indian Oil Corporation and Nayara Energy, continue buying Russian oil. This shift, influenced by US-India trade talks, is part of a broader effort to reduce reliance on Russian energy. Gunvor abandons Lukoils international assets bid due to US opposition. Indias pivot away from Russia causes a spike in oil product prices, with gasoil prices reaching a twenty-one-month high. This situation highlights the complex interplay of geopolitical pressures, economic sanctions, and market dynamics in global energy markets.The Daily News Now! — Every city. Every story. AI-powered. Hosted on Acast. See acast.com/privacy for more information.