Oil prices will likely remain elevated at over $100 per barrel for the rest of this year as the Russian invasion of Ukraine roils markets and changes trade flows, according to India's top refiner
Air Products (APD) will build, own and operate a new industrial gases complex providing hydrogen, nitrogen and steam to IOCL's Barauni Refinery.
Indian oil refiners are sucking up cheap Russian crude, but the risk is that their exports of refined products will eventually attract sanctions from countries determined to cut Russian energy out of global markets. Imports of Russian crude by India hit a record high in May, and will likely rise again in June, according to data compiled by commodity analysts Kpler. India imported 840,645 barrels per day (bpd) of Russian crude in May, up from 388,666 bpd in April and 136,774 bpd in May last year, Kpler data showed.