Oil deficit from Russia: India shifts focus to the Middle East.
Indian oil refineries are looking for new oil suppliers due to reduced supplies from Russia.
The three largest companies in India - Indian Oil Corp, Bharat Petroleum Corp, and Hindustan Petroleum - have reported a deficit of 8-10 million barrels of Russian oil for January.
Reasons for the reduction in Russian oil exports from Russia
Since November of last year, Russian oil exports have decreased due to the resumption of operations at oil refineries in Russia after maintenance and poor weather conditions for navigation. Increased domestic demand in Russia and its commitments to OPEC also create additional pressure.
Options for solving the problem
Indian companies are considering two options to solve the problem: increasing purchases from suppliers in the Middle East based on long-term contracts or conducting spot tenders for high-sulfur oil. In March, it is planned to meet the needs with domestic reserves.
India has become the largest buyer of Russian oil after the EU halted imports due to the conflict in Ukraine. Currently, more than a third of India's energy imports come from Russia.
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