Secondary sanctions are not in the taste of India. Will Russian oil replace African?

Indian refineries under the pressure of the United States give up the purchases of Russian oil and sign contracts with its producers in Angola, Libya and Nigeria.

About reduced orders to the October supplies of Russian Urals, especially made by the State Indian refineries, said Bloomberg's agency, noting that this is already reflected in the most important global price indicators, i.e. benchmarks.

African, Libya and Nigeria, which have the largest oil resources on the continent, gain primarily the change in India's policy.

At the beginning of August, Indian Oil Corporation (IOC) bought a million barrels of Nigerian oil with agbes with delivery to September. Similar purchases were made in Nigeria by Bharat Petroleum Corporation Limited (BPCL), the second largest Indian Refinery, and by the end of this year over two million barrels of Nigerian oil are to come to India – according to data published by the Nigerian business portal Businessday.

Both of these state refineries bought similar amounts of oil in Libya and concluded contracts in Angola, where they ordered over a million barrels of Girassol oil with delivery to September.

India, the third largest oil importer in the world, are one of the largest recipients of this raw material since Russia since the West has imposed sanctions on this country for invasion of Ukraine.

Current restrictions in the supply of Russian oil to India are the result of a high penalty duty, applied by Washington to Indian products exported to the USA and reaching up to 50 percent.

However, these are symbolic gestures, not fundamental strategic changes, which suggests that India does not intend to completely give up the purchases of Russian raw material, but they want to minimize the risk of direct confrontation with the United States – he commented on the Indian discoverylert policy, the Australian portal dealing with the global mining market. (PAP)

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