India Diversifies Oil Imports: The Country Seeks Alternatives to Russian Supplies.

Indian Refinery Seeks Alternative Supply Sources

New US sanctions against Russia may affect the procurement sources of state-owned Indian Oil Corp. Currently, India imports less than 2% of its oil from Russia, but due to discounts, purchases have increased to nearly 45%. As a result, India must seek alternatives due to the changes in supplies from Moscow, as sanctions may impact deliveries of up to 2 million barrels of oil per day.

Indian Oil Corp will reach out to OPEC nations, the USA, Guyana, and Brazil to offset potential shortages. We also have sufficient sources and cooperation for further development

Oil prices have risen following the imposition of sanctions, but they are expected to remain in the range of $75-80 per barrel.