Reliance Industries Ltd, India's largest refining firm, has resumed imports of discounted Russian crude after a pause triggered by US sanctions on Russia's largest oil firms Rosneft and Lukoil.
Supply: Bloomberg
Particulars: The corporate is shopping for barrels from non-sanctioned suppliers for its refinery in Gujarat.
Reliance has contracted Aframax tankers by RusExport and is routing flows to a 660,000-barrel-a-day plant that provides home shoppers.
Reliance's return to the market is more likely to ease the decline in India's purchases of Russian oil. Native officers forecasted that Russian crude imports this month would greater than halve to 800,000 barrels a day from a median of 1.9 million barrels a day in November.
Reliance suspended purchases from Russia after the USA imposed sanctions on Rosneft and Lukoil on 22 October.
Alongside its 660,000-barrel-a-day Jamnagar refinery supplying the home market, Reliance additionally operates a 700,000-barrel-a-day export-focused facility on the identical website.
The export-oriented refinery final obtained a cargo of Russian crude on 20 November. Since then, each cargo of Russian crude has been diverted to Reliance's refinery serving the home market.
Background: The value of Russia's Urals benchmark crude has fallen to about US$34 a barrel, one of many clearest indicators that US sanctions on Moscow are working.
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