Surana stated that the limited advantage from Russian imports means India’s sourcing strategy is unlikely to change dramatically. The only real risk, he added, would arise if there were a complete halt in Russian crude supplies to global markets — though Organisation of the Petroleum Exporting Countries’ (OPEC) rollback of production cuts is mitigating that possibility.
He explained that India’s crude sourcing is guided by techno-economic analysis, not just price. Refineries assess various factors such as crude quality, gross product value, transportation costs, and refinery configuration before deciding what to buy. “It is not just the price, but also the quality of the crude,” Surana emphasised.
India’s refineries, he said, already process a diverse basket of crudes — from Africa, the Middle East, Latin America, the US, and Russia — which provides significant flexibility. This adaptability is built into refinery design, allowing operators to handle different types of crude depending on market dynamics.
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Surana stated that returning to Russian crude will depend purely on economic logic, not politics. “If it is beneficial, why not?” he said, highlighting that profitability depends on a combination of factors, including crude quality, transportation and insurance costs, and product spreads — not just the headline crude price.
For the entire interview, watch the accompanying video