India Faces Oil Crisis.
Indian oil refining companies are facing issues due to reduced supplies of Russian oil, which could lead to an energy crisis. According to Reuters, the three largest oil refining companies in India - Indian Oil Corp, Bharat Petroleum Corp, and Hindustan Petroleum - did not receive the expected volumes of Russian oil in January. Supply problems arose due to increasing domestic demand in Russia, commitments to OPEC, and weather conditions.
'Indian oil refining companies are considering the possibility of using reserves until March. Their companies may receive more oil from suppliers in the Middle East or hold a tender for high-sulfur oil,' the publication reports.
India has become the largest importer of Russian oil after the EU sanctions were imposed in 2022. Russian oil accounts for over a third of the country's energy resource imports. Additionally, Indian state-owned refineries have stopped using the Chinese yuan to pay for Russian oil at the government's recommendation, complicating financial operations.
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