India, the world’s third-largest crude oil importer, is looking to lock in term purchase contracts with crude producers, expecting a redirection of trade flows and a tighter market when the EU embargo on imports of Russian crude enters into force in early December. Major state-held refiners in India, including the biggest refiner Indian Oil Corporation, and Bharat Petroleum, are looking to sign term deals with major producers, expecting more Middle Eastern crude to flow to Europe once the EU bans Russian imports, officials at the refiners tell Reuters . Contacts are also ongoing with the United States, according to the sources. “Due to the Russian-Ukraine conflict, we expect a possibility of tight oil markets and a change in flows with most Middle Eastern crude going to meet need of European markets so we need to diversify our oil sources,” a source at one Indian state-owned refiner told Reuters. India, […]