Russian oil imports fall in Feb
For India the costs have spiked and the cheap Russian barrels are disappearing as Indian refiners are keeping away from tankers sanctioned by the US;
Chennai: Russia’s oil import to India plunged to a two-year low in February. Indian imports of Russian crude slumped to 1.4 million barrels per day (bpd) in February, down by 14.9 per cent compared to January, according to the data.
For India the costs have spiked and the cheap Russian barrels are disappearing as Indian refiners are keeping away from tankers sanctioned by the US.
Indian refiners have been scrambling for alternatives after the US sanctions designated hundreds of tankers, as well as oil traders, last month, according to oilprice.com.
While imports from Russia dropped, India relied on more Iraqi crude, whose volumes rose by 8.3 per cent in February compared to January. Iraq is India’s second-largest oil supplier after Russia.
As per the report, India has received clarification from the US that the Russian oil tankers sanctioned last month are allowed to discharge their crude at Indian ports until February 27.
India will continue to buy Russian oil if it is sold below the $60 per barrel price cap and delivered on non-sanctioned tankers and without any involvement of sanctioned companies or individuals.
Since the Russian invasion of Ukraine and the ban on Russian oil in the West, India has been a key buyer of Russian crude and Russia the single biggest oil supplier to India.
