Affected by Ukraine's attack on Russian energy facilities and the stalemate in the Strait of Hormuz, India's state-owned refining companies are reversing the normal situation and are purchasing spot crude oil drastically ahead of schedule. Companies such as Indian Petroleum and Hindustan Petroleum have finalized some crude oil supplies for October, and are currently still looking for November crude oil shipments. The US is likely to impose sanctions on Russian oil and gas buyers, including India. This is also boosting this round of buying. Indian companies plan to release more tenders in the next few weeks.

Affected by Ukraine's attack on Russian energy facilities and the stalemate in the Strait of Hormuz, India's state-owned refining companies are reversing the normal situation and are purchasing spot crude oil drastically ahead of schedule. Companies such as Indian Petroleum and Hindustan Petroleum have finalized some crude oil supplies for October, and are currently still looking for November crude oil shipments. The US is likely to impose sanctions on Russian oil and gas buyers, including India. This is also boosting this round of buying. Indian companies plan to release more tenders in the next few weeks.