U.S. demand for imported fuel oil is set to fall this year as refiners snap up new flows of heavy Venezuelan crude, yielding more domestically produced fuel oil that can be processed into higher-value... ...

Core Points - Reliance Industries, India's largest private refiner, has decided to stop purchasing Russian crude oil following U.S. sanctions on Russian oil companies [1][2] - Reliance was a major buyer of Russian crude, importing approximately 630,000 barrels per day in September, which constituted about one-third of India's total crude imports [1] - Other Indian refiners, including state-owned companies, are also reviewing their Russian oil trade to comply with U.S. sanctions, indicating a potential significant reduction in imports [2] Group 1 - Reliance Industries will adjust refinery operations to meet compliance requirements while maintaining supplier relationships [1] - The share of Russian crude in India's total imports has increased from less than 3% to approximately one-third [1] - The combined supply from Russian oil companies accounted for about 60% of India's Russian oil purchases [2] Group 2 - The shift away from Russian oil may lead to increased crude import costs for India, despite the possibility of sourcing from the Middle East and other regions [2] - Analysts suggest that while technical adjustments in refineries are feasible, the primary concern is the pressure on refining profit margins [2] - The cessation of Russian oil purchases may enhance the likelihood of India reaching a trade agreement with the U.S., which has been a critical point in trade negotiations [2]