Indian refineries began actively purchasing alternative oil after the US imposed 25% duties on imports of raw materials from Russia. According to the latest data, state-owned companies Indian Oil Corp (IOC) and Bharat Petroleum (BPCL) purchased at least 22 million barrels of non-Russian oil for delivery in September and October.Since 2022, Indian refineries have barely participated in spot trading, preferring cheaper Russian oil. However, at the end of July, purchases of Russian oil were suspend... Read More
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