LONDON, October 31. /TASS/. Indian Oil Corp (IOC), the country's top refiner, has bought five cargoes of Russian oil for December arrival, Reuters reported.
The total volume of these cargoes amount to 3.5 million barrels. The Russian hydrocarbons will be delivered to India's east coast from suppliers not subject to Western sanctions.
As Reuters, recalls, earlier this week IOC's head of finance, Anuj Jain said his company does not intend to completely abandon purchases of Russian oil, despite the sanctions. He added that Russian oil purchases will continue from suppliers not subject to sanctions if the price is favorable and delivery is assured.
Russia remains India's main oil supplier. In September, Russia's share of total oil imports reached 33.3%. Last month, India imported 1.6 million barrels of oil per day from Russia. This is 6% less than in August, when the country purchased 1.7 million barrels per day. New Delhi's total imports in September amounted to about 4.8 million barrels of oil.
India is the world's third-largest oil consumer, with a high level of dependence on imports, which meet over 85% of the country's oil needs. Indian refineries purchase oil from more than 30 countries.