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Diesel Spreads Hit Near Two-Year Peak After India Cuts Russian Crude Purchases
Market Intelligence Analysis
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Why This Matters
India's largest oil refiners have shifted their crude purchases from Russia to Saudi Arabia, UAE, and Iraq, in response to US sanctions and EU restrictions, causing diesel spreads to hit near two-year highs.
Market Impact
Market impact analysis based on bearish sentiment with 65% confidence.
Sentiment
Bearish
AI Confidence
65%
Article Context
Note: This is a brief excerpt for context. Click below to read the full article on the original source.
Recently, Bloomberg reported that five of India's largest oil refiners have made no purchases of Russian crude for December delivery, instead turning to Saudi Arabia, UAE and Iraq for crude with similar properties to Urals. The move comes after Washington sanctioned Rosneft and Lukoil while the EU adopted its 19th package of sanctions. Only Indian Oil Corporation (IOC) and Nayara Energy, in which Rosneft holds a 49% stake, have purchased crude from Russia for December. Meanwhile, the diplomatic sensitivity of the ongoing trade talks between the…
Original article published by
OilPrice.com
on November 14, 2025.
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Analysis and insights provided by AnalystMarkets AI.