GG News Bureau
Houston, 26th March. Ship tracking data shows that India is set to receive over 250,000 barrels per day of US crude next month, the highest amount in over a year. This increase comes as sanctions on Russian crude are being more strictly enforced.
As the world’s third-largest oil importer and consumer, India is seeking to diversify its oil sources due to new US sanctions on Moscow that could impact Russian oil sales to India, the largest buyer of Russian seaborne crude.
According to Kpler, around 7.6 million barrels of oil, equivalent to 256,000 barrels per day, are on their way to India on three very large crude carriers and three Suezmax vessels.
These ships, mainly bound for India’s west coast, were chartered by companies like Reliance Industries, Vitol, Equinor, and Sinokor, as reported by financial firm LSEG.
India was the top purchaser of Russian oil last year after other buyers backed off due to Western sanctions on Moscow following the Ukraine invasion in February 2022.
Recent US sanctions have targeted Russias oil trade by adding sanctions on state-owned shipping firm Sovcomflot and 14 crude oil tankers involved in Russian oil transportation.
Sources revealed that Reliance, which operates the world’s largest refining complex, will no longer purchase Russian oil carried on Sovcomflot-operated tankers due to the latest US sanctions.
More Indian refiners are expected to follow suit in avoiding Sovcomflot vessels, potentially reducing imports of Russian oil and limiting Russia’s options for selling its main product.
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