Indian refiners turn to the Middle East market for long-term supply to counter US sanctions on Russian oil

According to foreign media reports, Indian oil refiners are seeking all possible means to make up for the impact of the latest round of US sanctions on Russian oil flows. They are turning to the Spot market while seeking more long-term supplies from Middle Eastern producers. In recent weeks, Indian state-owned processors have issued a series of Spot tenders to purchase oil from around the world, including the Middle East, Africa, and the United States. Some cargoes are planned to be shipped as early as February, indicating that India urgently needs alternatives to Russian oil. Indian companies began negotiations with Saudi Arabia and Abu Dhabi this week, and traders said the discussions between refiners and OPEC oil-producing countries would be tense. The US may not be able to impose full sanctions on traders, Russian tankers, and the like, but refiners are concerned about punitive measures that could make India struggle to replace up to 1.8 million barrels of Russian crude oil per day (one-third of the country's total imports). They added that they must also rebuild relationships and change shipping routes.