The largest state oil refinery of India - Indian Oil Corporation (IOC) - acquired at least 7 million barrels of raw oil from the United States and the United Arab Emirates. This happened after pressure from Washington and the European Union relative to large -scale procurement India of Russian oil.

This was reported by Bloomberg with reference to sources.

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According to the interlocutors who wished to remain anonymous, IOC acquired 5 million barrels of American oil and additionally bought 2 million barrels from Abu Dhabi. In addition, this week the company announced a series of tenders for the purchase of new batches of oil, which, according to experts, indicates the urgent need to diversify the sources of supply.

These purchases occurred after the government of India, according to sources, instructed state processors to develop a plan for the transition to non -Russian fuel sources. This was probably a reaction to the sharp statement of US President Donald Trump, who at the beginning of the week publicly criticized India for continuing the import of Russian oil and threatened to introduce secondary sanctions.

" She noted that despite doubts regarding the determination of the United States to realize sanctions threats, most of the oil market players prefer to avoid risky transactions with Russia, especially in high prices.

In addition to contracts with the United States and the UAE, India also purchased 4 million barrels of raw oil from West Africa.

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Over the past two years, India has become a leading importer of Russian oil in the world, taking advantage of discounts and increasing the share of Russian fuel in the structure of imports from almost zero to a third. This imports predominantly replaced deliveries from traditional sources - the Middle East and Africa.

Gallarati notes that American oil can be more financially attractive. "

The expert added that the growth of India’s activity in the Atlantic basin market will contribute to the support of world oil prices.

Recall that in India we are sure that they will be able to satisfy their oil needs from alternative sources if Russian supplies impose secondary sanctions.

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