Indian refiners have cut back Russian crude purchases for November delivery, as rising competition from China pushes up prices at a time when buyers can tap alternative shipments from the Middle East.
Surging prices for Russia’s flagship Urals crude loaded in the Baltic, a mainstay for Indian refiners, are driving the pullback, according to people familiar with the matter. Economics have outweighed Washington’s pressure on New Delhi to reduce purchases from Russia, its biggest crude supplier.
