Indian refineries plan to buy more Russian crude directly — Bloomberg

Indian refineries plan to make more direct purchases of Russian crude oil this year, according to data compiled by Bloomberg.

The country's largest petroleum company, Indian Oil Corp, is about to secure a quarter of its supplies from Russian fuel.

Bharat Petroleum Corp., on the other hand, wants about one-third of its refined crude to come from a top OPEC+ producer.

Indian Oil's chief financial officer Anuj Jain declared the company will reduce the share of fuel received through long-term contracts from 60% in the previous fiscal year to 55% this period, which began on April 1. The remaining volume will come through direct purchases.

Discounts on Russian oil have narrowed recently due to increased purchases from other regions such as Turkey and Syria. The reduction was less than $1 per barrel to benchmark prices last quarter, compared with $3 to $4 in the previous year.