Indian refiners cut Russian crude purchases for November delivery

Indian refiners: Indian refiners are companies that process imported and domestic crude oil into fuels and other petroleum products for India’s market. They are reducing new Russian crude purchases for November delivery because higher Urals prices, stronger Chinese competition, and recovering Middle Eastern supply have made alternative barrels more attractive. Market dynamics: Recovering West Asian crude flows are giving Indian buyers more alternatives to Russian oil, even as shipping risks around the Strait of Hormuz remain elevated. Replacement grades: Indian refiners have recently sought substitute supplies from producers including the United Arab Emirates, Iraq, and Angola. Supply competition: Increased Chinese demand for Russia’s Urals crude is contributing to higher prices and weakening its appeal to Indian refiners.