DUBAI (Reuters) – The chairman of Indian Oil Corporation , the country’s top refiner by capacity, on Monday said he remained committed to term contracts with the Middle East but spot purchases from the region have fallen as more Russian crude has been imported.
“Spot purchases have gone down because somewhere there has to be a dip to make up for all the Russian purchases,” Shrikant Madhav Vaidya told the Middle East Oil and Gas Conference in Dubai.
Vaidya also said Russian cargoes fit the refinery’s specifications and that India’s growing consumption, reaching record levels in March, have left room for more imports.
(Reporting by Maha El Dahan; Editing by David Goodman)
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