UBS: If India cuts imports of Russian oil, refineries may turn to the Middle East for alternative supply.

UBS commodity analyst Giovanni Staunovo told the media on Wednesday: "If India decides to reduce its imports of Russian oil, refineries may turn to the Middle East for alternative supply - as they did before 2022. Other buyers are unlikely to intervene." Indian oil industry sources said that if this supply is withdrawn from the market, oil prices will skyrocket. "If India stops buying Russian oil immediately, global oil prices may surge to over $200 per barrel," a source said.