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The Times of India

Business

TIMESOFINDIA.COM

How India is snapping up cheap crude oil as West tightens Russia sanctions

Oil India Russia IOC Moscow New Delhi Petrobras

NEW DELHI: Oil refiners in India are buying crude oil at cheaper rates by entering term deals with other countries amid concerns that tighter sanctions from the West on Russia could curb future supplies.

According to a report by Reuters, state-run refiners are set to skip purchases of Russia ESPO crude oil due to higher freight rates.

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