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Russia became the fourth-largest oil exporter to India in April, driven by lower prices from one of the world’s largest oil consumers and importers, according to Refinitiv data.
Russia’s share of India’s oil purchases rose to a record 6% in April, 277,000 barrels per day (BPD), up from 66,000 BPD in March, according to tanker surveillance data. Reports Reuters as original source.
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Over the same period, African oil’s total oil imports fell to about 6% in April from 14.5% in March, while the United States fell by almost half to 3%.
Western sanctions against Russia in the wake of Moscow’s invasion of Ukraine have been called “special measures”, leading many oil importers around the world to withdraw from trade with Russia and to push the country’s crude oil to other levels at record levels.
Although many European buyers bought large quantities of African and American oil after the Russo-Ukraine war, Indian companies continue to buy stranded Russian oil. The country’s main refinery, Indian Oil CorporationRussian Arco Oil acquired its first export last month.
Oil imports from Russia to India are projected to rise to 487,500 bpd in May as refineries increase purchases from the US-ruling country. Vladimir Putin.