Russian oil imports to India resumed in March, returning to near-normal levels after a three-month slump. The cargoes are now being delivered by vessels not subject to sanctions, with some supplies being redirected from Turkey.
Reuters writes about this.
The resumption of Russian oil supplies to the worldʼs third-largest oil importer and consumer eases the supply shortage and lowers prices for competing Middle Eastern crude.
Russian oil supplies to India and China fell sharply earlier this year after the US imposed sanctions on January 10 targeting producers, insurers, ships and intermediaries with the aim of reducing Moscowʼs oil revenues.
In March, imports of Russian oil, mainly Urals, returned to 1.54 million barrels per day after falling to 1.1–1.2 million barrels per day in the previous three months.
The decision by Turkeyʼs largest oil refinery, Tupras, to stop importing Russian oil has also freed up more supplies for Asian markets.
Some traders have told Indian refiners they will use Western ships to deliver cargoes to avoid the risk of being hit by sanctions, the sources added.
Another source said that in recent weeks the price of Urals oil has fallen below the $60 per barrel set by the G7 countries, opening up access to Western shipping services.
- India has become the largest buyer of Russian marine oil, which is being sold at a discount after Western countries imposed sanctions on Moscow over its invasion of Ukraine in 2022.
- On January 10, the United States imposed a massive package of sanctions against Russian oil companies. The restrictions affected 184 Russian tankers, including those from the Kremlin’s shadow fleet. As a result, China and India stopped trading in Russian oil, and by late February, Indian imports of Russian oil had fallen to their lowest level in two years.
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