Flows of Russian oil to major Indian processors are expected to fall to near zero after US sanctions on crude giants Rosneft PJSC and Lukoil PJSC, according to senior refinery executives.
State refiners including Indian Oil Corp., Bharat Petroleum Corp. and Hindustan Petroleum Corp. Ltd. typically buy Russian crude on the spot market, while privately-owned Reliance Industries Ltd. has a long-term contract with Rosneft.
India is the world’s top buyer of Russian oil. The executives asked not to be named as they’re not authorized to speak publicly.
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