India continues to buy Russian oil despite US pressure - media
Indian refiners have no plans to abandon Russian oil as domestic demand for the fuel increases after the monsoon season, Bloomberg has reported.
According to the publication, purchases will remain active for deliveries in November and December, although volumes may be lower than the peaks of recent years.
"New Delhi officials are regularly in contact with large state and private refiners, but there has been no order to pull back — or to do otherwise, the people said. That could change in coming months as trade talks progress and India seeks to find areas of possible compromise, but there is currently no such plan," the report said.
A significant share of Russian oil comes to Reliance Industries under an urgent agreement with Rosneft PJSC. In the event of the conglomerate's refusal, purchases may decrease overall, although other companies will continue to take cargoes.
The largest private refiner, Nayara Energy, is slowly recovering from EU sanctions, using Urals to power its 400,000-barrel-per-day west coast refinery. Other refiners continue to seek alternatives, including buying oil from Brazil.