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India's oil minister denies U.S. pressure and says refiners favor Middle Eastern crude

Mountain Time
Local time
4:00 PM in Kolkata
Where
India

Indian Oil Minister Hardeep Singh Puri said Tuesday that the United States had not pressured India to reduce Russian crude imports. He said refiners were buying more Middle Eastern crude because availability had increased and pricing was more favorable than Russian grades, with purchasing decisions driven by prices, discounts and import costs.

Why it matters

Puri's explanation points suppliers and traders toward delivered crude costs, rather than a stated U.S. demand, as the driver of India's changing purchases.

Source

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