Indian Oil Corp has announced a reduction in spot supplies of oil from the Middle East

DUBAI, May 22 (Reuters) – The CEO of Indian Oil Corporation said on Monday it was upholding futures contracts with Middle Eastern states, but spot purchases of oil from the region fell as India imported more Russian oil.

“Spot buying has fallen because there has to be a drop somewhere to be replaced by supplies from Russia,” said Srikant Madhav Vaidya at the Middle East Oil and Gas Conference in Dubai.

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