Storage tanks at an oil refinery in Vadinar
Indian refiners look to diversify crude sources
The country is trying to reduce dependence on Russian barrels amid a narrowing of the gap between them and Middle Eastern grades
Indian Petroleum Minister Hardeep Singh Puri set the tone for India’s oil buying strategy at the start of the year. "India has started to diversify its crude oil sources and is not dependent on Russian crude," he said at a press conference in New Delhi. The reason is largely driven by price as Indian companies no longer enjoy the steep discounts that had been offered, which reached more than $20/b to average Brent prices at some points. The gap is now barely a few dollars. Indeed, the decreasing price differential between Russian and Middle Eastern crude grades, long-term contract obligations with Middle East sellers, payment issues, and the price-cap compulsion on Russian purchases are forc
Also in this section
17 February 2026
The 25th WPC Energy Congress, taking place in Riyadh, Saudi Arabia from 26–30 April 2026, will bring together leaders from the political, industrial, financial and technology sectors under the unifying theme “Pathways to an Energy Future for All”
17 February 2026
Siemens Energy has been active in the Kingdom for nearly a century, evolving over that time from a project-based foreign supplier to a locally operating multi-national company with its own domestic supply chain and workforce
17 February 2026
Eni’s chief operating officer for global natural resources, Guido Brusco, takes stock of the company’s key achievements over the past year, and what differentiates its strategy from those of its peers in the LNG sector and beyond
16 February 2026
As the third wave of global LNG arrives, Wood Mackenzie’s director for Europe gas and LNG, Tom Marzec-Manser, discusses with Petroleum Economist the outlook for Europe’s gas market in 2026
