🇮🇳🇨🇳 India is cutting purchases of Russian oil as competition with China intensifies and Russian exports decline, - Reuters Indian refiners expect Russian oil supplies to fall further in October and November, driven by lower Russian exports and rising demand from China. According to Reuters, Chinese buyers are willing to book cargoes in advance and pay higher prices, leaving some Indian refineries facing shortages of Russian crude. Reduced exports through the port of Novorossiysk, following U

🇮🇳🇨🇳 India is cutting purchases of Russian oil as competition with China intensifies and Russian exports decline, - Reuters Indian refiners expect Russian oil supplies to fall further in October and November, driven by lower Russian exports and rising demand from China. According to Reuters, Chinese buyers are willing to book cargoes in advance and pay higher prices, leaving some Indian refineries facing shortages of Russian crude. Reduced exports through the port of Novorossiysk, following Ukrainian drone attacks, have added to the pressure. India is responding by increasing purchases of more expensive oil from the UAE, Iraq and Angola. Experts expect Russian oil supplies to India to fall to their lowest level since April.