Trump bets big on Russian oil sanctions
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India, Russia and Crude Oil
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A senior US diplomat rejected Hungary’s arguments that the country’s landlocked status left it no choice but to rely on Russian oil, as Washington raises pressure on Budapest to find alternative suppliers.
Indian Oil Corporation will continue to import Russian crude as long as transactions comply with sanctions. The company stated Russian oil is not itself under prohibition, with purchases to be made through permitted suppliers.
Experts attribute this surge primarily to market dynamics rather than politics. A widening price gap between Brent and WTI crude, combined with sluggish demand from China, has made WTI Midland oil from the US particularly appealing.
China's Shandong Yulong Petrochemical is ramping up imports of Russian oil to make up for supply cancellations after Britain placed sanctions on the refiner over its Russian crude purchases, five trading sources familiar with the matter said.
Europe is set to import record volumes of diesel and jet fuel in October as new EU sanctions close a loophole on Russian oil products and US sanctions impact major Russian producers.
U.S. crude prices were rising nearly 2% on Wednesday to above $58 a barrel on reports of progress in U.S.-India trade talks, which could include curbs on imports of Russian oil by India.
ET EnergyWorld on MSN
India's September crude oil imports rise 1.7% m/m
India's crude oil imports increased by 1.7% in September to 19.93 million metric tons, marking a 6.1% rise year-on-year. This surge occurs as Indian refiners plan to reduce Russian oil imports due to new US sanctions,
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