Most major Indian oil refiners have started buying Russian oil again.

According to traders in India, Russian oil is currently selling for around $40-45 per barrel.

Due to deep discounts, four of India’s seven largest oil refineries are buying Russian oil .

Bloomberg reports this, citing its own sources .

In recent days, state-owned Indian Oil Corp. and Bharat Petroleum Corp. have purchased only about ten cargoes of Russian oil that is not subject to sanctions, including Urals. Meanwhile, Hindustan Petroleum Corp. is seeking supplies for January delivery.

Together with Nayara Energy, which continues to purchase Russian crude, these refiners account for more than 60% of India’s oil imports this year.

The giant Reliance Industries Ltd. is abstaining from purchases. The conglomerate avoids trade with Russia, as it is trying to avoid the risk of violating Western sanctions. This is not good news for Russia, as Reliance was until recently India’s largest buyer of Russian oil.

(C)UNIAN 2025