India refiners set stage for slump in Russia oil purchases

Indian refiners accounting for more than half of the nation’s imports of Russian crude have paused buying for the coming months, reinforcing expectations purchases for December and January delivery will plunge.

Indian processors, the top buyers of seaborne oil from Moscow, have been weighing up their options since US authorities blacklisted two of Russia’s largest producers, Rosneft PJSC and Lukoil PJSC, last week. Now they are preparing for a lengthy hiatus.