Decline in Spot Oil Shipments from the Middle East to India

Indian Oil Corporation's Chairman Shrikant Madhav Vaidya noted on Monday that while he remains committed to contracts with Middle Eastern suppliers, spot purchases from the region have decreased due to the increased import of Russian crude. During the Middle East Oil and Gas Conference in Dubai, he stated, "Spot purchases have declined, as there had to be a decrease corresponding to the Russian purchases." He added, "Russian shipments fit the refinery specifications, and the rising Indian consumption, which reached record levels in March, left room for more imports."