Russia became the main supplier of oil to India
16.12.2022 - 16:50
The Indian government fears that the price cap on Rosneft will hit supplies and block payment channels.
India, which rarely bought russian oil due to the high cost of logistics, became the second largest oil customer of russian federation after China. Oil refiners are massively buying up crude oil, trying to take advantage of discounts, Reuters reports.
The increase in Rosneft purchases by India has led to a reduction in imports from the Middle East. Imports of Rosneft in India have been increasing for five months in a row. In November, it reached 908 thousand barrels per day (b/d). Russian oil accounted for about 23% of India’s total imports (about 4 million bpd).
In contrast, India’s total oil imports in November fell by 11% compared to October. In particular, imports from Saudi Arabia fell to a 14-month low, while imports from Iraq fell to the lowest since September 2020.
Earlier, USM wrote that Asian buyers are demanding even bigger discounts on Urals after the Rosneft price cap at $60 per barrel.
