Indian Refiners Diversify Crude Sources Amid Russian Flow Disruptions

Indian refiners are adjusting their buying patterns due to disruptions in Russian oil flows caused by Ukrainian attacks. According to Sumit Ritolia, senior manager of modeling at Kpler, imports of Russian crude are expected to fall to about 2 million barrels a day in August, down from a high of around 2.8 million barrels in July.

This decline reflects normalization after strong buying in recent months, lower export availability, and increasing competition from China, as well as plant maintenance enabling refiners to boost run rates and production.

In response, Indian Oil Corp., Hindustan Petroleum Corp., and Mangalore Refinery & Petrochemicals Ltd. have issued tenders for supply from the Americas and the Persian Gulf, which is a rare move.