India Makes Rare Request for Refiners to Join on Russia Oil Deal.

India has requested its state-run oil refiners and private processor Reliance Industries Ltd. to negotiate a long-term supply deal with Russia. The government wants the refiners to secure at least a third of their contracted supply from Russia at a fixed discount to protect the nation's economy from volatile prices. However, Reliance is unlikely to collaborate with the state oil refiners due to competition in the domestic fuel market. India has been a major buyer of Russian crude since the invasion of Ukraine, but tighter enforcement of US sanctions has affected the trade. The government hopes that collaboration among state processors will increase their bargaining power during supply negotiations. [Extracted from the article]