Reuters: Indian refineries leaving Russian oil, turn to Middle East, Africa

India’s consumption of Russian crude oil fell to its lowest level in two years in December.

Industry sources said New Delhi plans to reduce imports of Russian oil below 1 million barrels per day by March, with volumes potentially declining further to 500,000–600,000 barrels per day, Reuters reports.

Indian refineries are cutting Russian crude purchases as the government seeks to finalise a trade agreement with the United States, instead increasing imports from the Middle East, Africa, and South America.

Reuters sources noted that India’s Russian oil purchase plans could be reconsidered if the government issues new guidance.

By Khagan Isayev