Indian Refineries Slashing Spot Tenders as Russian Oil Flows Back

Indian refiners will issue fewer tenders for the purchase of crude oil on the spot market in the coming month as Russian supplies bounce back, Reuters has reported. Previously, Bharat Petroleum CFO revealed that middlemen who supply Russian oil stopped offering cargoes following U.S. sanctions imposed by the Biden administration targeted Russian producers, tankers and insurers. The sanctions targeted Surgutneftgas and Gazprom Neft, two Russian oil firms that handle 25% of Russian oil exports. The two companies shipped an average of 970,000 bbls…