India's oil refiners explore Gulf route as Russian crude turns bitter over US concerns: Report

India’s state-run oil refiners are seeking to increase their crude imports from Gulf nations, including Saudi Arabia, UAE and Iraq as New Delhi looks to avoid further deterioration of ties with the US over Russian oil purchases, a report by Mint said on August 13.

New Delhi was a major buyer of Gulf crude before Russia started selling its fossil fuel with steep discounts to beat sanctions over Ukraine war. The West Asia’s top oil producers and suppliers include Saudi Aramco and Abu Dhabi National Oil Co, the report said.

The report, citing sources, said New Delhi may continue with its Russian oil purchases, but efforts are underway to diversify the country’s fuel sources and increased imports from West Asia is being considered.

India’s appetite for Russian oil grew after the Ukraine war as Moscow offered it with steep discounts, leading to a 36 percent share in total crude imports as of now. Russian oil had a mere 2.5 percent share before February 2022. However, recently, the imports have declined following a drop in discounts, the report said.