India Cautious on Contracted Russian Oil as US Sanctions Bite
- State-owned Indian Oil likely to cut term volumes, sources say
- Tightening US penalties made Russia-India oil trade tougher
Russia is still the biggest supplier to India, but there are signs refiners are buying more from other producers, including Saudi Arabia.
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India’s state-run oil refiners are shying away from contracted Russian crude supply as the once-booming trade becomes much harder under tighter enforcement of US sanctions.