Indian Refiners Restructure Supply Chains To Keep Russian Oil Flowing

Indian refiners are restructuring their supply chains to keep importing discounted Russian crude despite the latest U.S. sanctions.

The new restrictions, imposed in January, have targeted shipping companies, trading firms, and other entities involved in transporting Russian oil, making it difficult for Indian companies to secure shipments.

Since the start of the Russia-Ukraine conflict, India has increased its Russian oil imports, with major buyers like Indian Oil Corporation, Bharat Petroleum, Mangalore Refinery & Petrochemicals, and Reliance Industries relying on discounted crude.

Russian oil went from being a negligible part of India’s total imports to making up around a third of its supply. However, the latest U.S. Sanctions have affected nearly 160 oil tankers and several key trading entities, forcing Indian refiners and Chinese buyers to find alternative suppliers.

The impact has been severe, with Indian refiners expected to miss out on 18 to 20 cargoes of Russian crude scheduled for March. This amounts to about 20 million barrels- roughly 1…

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