Submission Statement: Indian refiners, currently eyeing deliveries for the month of November, could cut back purchases of crude shipments from Russia after a sweeping US sanctions bill was signed into law last week, raising the threat of fresh punitive tariffs.
The world’s third-biggest crude buyer bought more than half of its imports from Russia in some recent months, in an effort to counter high prices and continued disruption in flows from the Middle East. Over the past few days, however, the top processors have begun to look seriously for alternative cargoes, according to people involved in the discussions. They asked not to be named as the conversations are not public.
Imports from Russia have already eased and may average about 1.9 million barrels a day in September — more than 35% of the total and the lowest since April, according to Kpler.
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