Jet Fuel
New EU Russia curbs could increase Indian oil refiners’ reliance on traders
After the latest round European Union sanctions, Indian private refiners who have used cheap Russian crude in order to boost their margins will need to find ways to work around it and depend more on traders for finding new markets for products. In recent years, refiners like Reliance Industries or Nayara Energy have benefitted from the pressure that sanctions imposed on Russia's crude oil prices due to its invasion in Ukraine. Many of these refiners have exported their refined products to European buyers. In its 18th package against Russia, which was approved on Friday by the European Union, it banned...