India increases supplies of American oil due to increased sanctions against the Russian Federation
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About 7.6 million barrels of U.S. crude will arrive in India next month, the highest figure in a year, amid tightening sanctions against Russian oil.
About this writes Reuters.
It said that India, the world’s third-largest oil importer and consumer, is seeking to diversify its supplies as new US sanctions against Russia threaten to cut Russian oil sales to India.
“About 7.6 million barrels of oil, or 256,000 barrels per day (bpd), were headed to India by three very large oil tankers and three Suezmax vessels, according to ship tracking company Kpler,” the report said. .
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India was the biggest buyer of Russian oil last year after other groups dropped purchases following Western sanctions against Moscow over its February 2022 invasion of Ukraine.
Last month, the US stepped up its efforts to reduce trade in Russian oil, adding sanctions against the state-owned shipping company Sovcomflot.
According to the publication’s sources, India’s Reliance, the operator of the world’s largest oil refining complex, will not buy Russian oil loaded on tankers operated by Sovcomflot, following recent US sanctions.
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In addition, more Indian refiners plan to avoid Sovcomflot vessels, which could make it more difficult to import Russian oil and leave Russia with fewer sales for its flagship product, the sources said.
Economic truth.
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