Indian Oil, RIL tap Iraqi oil wells amid surging cost of Russian Urals

This reflects India's growing reliance on Russian grades while balancing them out with purchases from Iran suppliers

Indian Oil Corporation (IOC) and Reliance Industries Limited (RIL), two of India’s biggest crude oil importers, are reducing purchases of Russian crude oil while boosting shipments of Iraqi grades. The cuts reflect caution on their part after benchmark Russian Urals traded 28 per cent over a G7 (Group of Seven) sanctioned price cap, according to ship tracking data and industry sources. 

Rising purchases of Iraqi oil also indicate a desire by India's biggest refiners to lower a growing reliance on Russian grades while balancing them out with purchases from traditional Gulf suppliers in the interests of India's energy security.

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