India Suspends Purchases of Russian Oil: What We Know About New Suppliers.

Indian state-owned oil refining companies have suspended spot purchases of Russian oil due to the US decision to double tariffs on Indian exports. Now, India is looking for new oil suppliers, including from the US, Brazil, and Libya. The government in New Delhi is preparing official recommendations, while the market weighs the potential consequences of this decision.

According to Bloomberg, Indian state oil refineries are refusing to buy Russian oil due to increased pressure from the US on New Delhi. Companies like Indian Oil Corp., Bharat Petroleum Corp., and Hindustan Petroleum Corp. plan to halt spot purchases of crude oil until they receive clear instructions from the government. Meanwhile, IOC has already purchased oil from the US, Brazil, and Libya.

Increased Pressure on Moscow

The global oil market is interested in Moscow's reaction to this decision, as it may affect contracts and oil prices. The increased pressure on India by the US aims to force Moscow to end the war in Ukraine. Traders are now carefully monitoring the market response, and the price of Brent oil has not yet undergone significant changes.

According to a source from Bloomberg, Indian companies have ceased purchasing Russian oil due to increased US pressure on New Delhi. This decision may impact the oil market, and Moscow's reaction to the actions of India and the US is crucial. Meanwhile, oil suppliers and buyers are closely monitoring the situation and preparing for possible changes in prices and contracts for this resource.