India's largest importer refuses to buy Russian oil
India's largest oil importer Reliance Industries said. does not expect Russian oil supplies in January 2016 і have not received it in the last three weeks, reports Reuters.
The company also denied earlier information about the arrival of three vessels with Russian oil to the Jamnagar refinery.
Implications for the market
Analysts note that Reliance's decision could lead to the lowest level of Russian oil imports to India in recent years. After the company stopped purchasing, India to cut Russian oil even further, leaving China is the only major market for Moscow.
It is also noted that in the Russian energy market, this may increase economic pressure and the need to look for alternative buyers.
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