Oct. 24 at 8:47 AM
$PED
India has begun purchasing oil from Iraq and Qatar after sanctions were imposed on Lukoil and Rosneft.
Reliance Industries — the largest Indian buyer of Russian oil — has shifted to buying oil from Middle Eastern countries and the United States following U.S. sanctions imposed on Lukoil, Rosneft, and their subsidiaries, according to Bloomberg.
According to the report, the company has purchased several types of crude oil, including the Saudi Khafji grade, Iraq’s Basrah Medium, Qatar’s Al-Shaheen, as well as a certain amount of U.S. West Texas Intermediate crude. The shipments are expected to take place in December or January.
