Indian refiners seek November crude cargoes after U.S. sanctions law

Indian refiners are seeking crude oil purchases for November delivery, according to ChainCatcher. The move comes after the United States signed a sanctions law last week, a development that could lead India to reduce its purchases of Russian crude. The item points to a potential shift in buying activity by one of the world’s largest oil importers. India is described as the world’s third-largest crude buyer in the report. It also notes that crude imported from Russia now accounts for more than half of India’s total oil imports. That makes any adjustment in Indian buying volumes notable for the broader market, especially if refiners begin replacing part of those barrels with alternative supplies for November delivery. The report does not provide details on volumes, counterparties, or pricing. It only states that Indian refiners are in the market for November cargoes and that U.S. sanctions legislation signed last week may reduce India’s intake of Russian crude.