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Market Chatter: India Makes Leisurely Return to Middle Eastern Crude Oil Purchases

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Indian state refiners have now secured the crude they need for the coming two months and are not making urgent purchases from the Middle East, even if the Strait of Hormuz is fully reopened to commercial traffic, Bloomberg reported on Friday.

Instead, it has been Middle Eastern suppliers that include Abu Dhabi National Oil Company that have requested that Indian refiners start taking contractual volumes as per their long-term supply agreements, sources familiar with the matter told the news agency.

The sources said that the refiners have not yet agreed to this. Adnoc declined Bloomberg's request for comment while India's oil and shipping ministries and Indian Oil did not immediately reply.has emailed the entities seeking comment.

Indian imports of crude from the Middle East dropped in Q2 to the lowest since at least, 2013, Kpler data showed, the Bloomberg article said. Importers resorted to purchasing more spot cargoes from origins like Russia and South America.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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