In this context, the doubling of Russian crude volumes appears to be a tactical quick response to fill the gap left by the loss of Middle Eastern grades. A similar strategy is evident in the purchase of 1.6 million tonnes of Venezuelan crude, with six tankers scheduled to arrive in India in April. This way, while Russian Urals crude helps substitute for lighter Middle Eastern grades, Venezuelan oil is being positioned as a replacement for heavier Iraqi blends. All this proves that in a market where refinery ...