Indian refiners have stepped up their purchases of US crude after worth drops, as Washington cracks down on the Asian nation for purchasing Russian barrels.
This week, state and personal oil processors together with Reliance Industries Ltd., Indian Oil Corp. and Bharat Petroleum Corp. purchased extra US West Texas Intermediate crude than regular, in response to merchants who requested to not be recognized as they’re not approved to talk to the media. The primary driver was extra favorable costs for the grade, which have weakened relative to Center East benchmarks, they mentioned.
Reliance, IOC and BPCL didn’t instantly reply to requests for remark.
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White Home commerce adviser Peter Navarro earlier this week cranked up strain on India to halt its purchases of Russian oil, repeating accusations that New Delhi is funding the Kremlin’s marketing campaign in Ukraine. The remarks got here after the Trump administration doubled tariffs on Indian items to 50 %.
New Delhi has defended its ties with Russia and known as Washington’s actions “unfair, unjustified and unreasonable.” It has eased, however not stopped, purchases since US criticism started to ramp up.
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