Indian Oil Corp says spot cargoes from Middle East lower on back of Russia

Dubai — The chairman of Indian Oil Corporation said on Monday he remained committed to the term contracts with the Middle East but that spot purchases from the region have gone down with more Russian crude 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. (Reporting by Maha El Dahan; Editing by Toby Chopra) – Reuters

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