India, which is the largest importer of Russian oil, has reduced the volume of purchases from Russia and is ready to completely replace them with oil from Saudi Arabia. This was reported by Reuters, according to UNN.
Details
India's largest refineries - Bharat Petroleum and the country's largest Indian Oil - are already considering purchasing 1 million barrels of oil from Saudi Aramco.
It is noted that Russian oil is creating more and more problems for India and is no longer so attractive.
In particular, the purchase of Russian Sokol light low-sulfur oil has been associated with problems when trying to make a payment, said one of the agency's interlocutors.
In addition, India has already reduced its oil purchases from Russia due to unattractive discounts. As a result, Indian Oil is looking to buy more fuel from Saudi Arabia and West Africa.
Moreover, in January, Saudi Arabia cut prices to the lowest level in 27 months, and India's largest refinery expressed interest in additional orders. In particular, at the beginning of the year, Saudi Aramco reduced prices for February deliveries of its key Arab Light crude in all regions amid declining demand. In the case of Asia, prices fell by $1.5-2 per barrel.
Recall
January 8, oil prices fell by more than 1% on Monday amid a sharp price cut by leading exporter Saudi Arabia and an increase in OPEC production, which offset fears of escalating geopolitical tensions in the Middle East.