Russian oil supply to India breaks all records . G7 nations fail to stop India-Russia oil bonhomie . Russian remains India biggest oil supplier for three straight months .
G7 nations price cap on Russian oil has not affected supplies to India , Vortexa LTD data showed . Indian express citing Vortexa reported that Russia remained India biggest oil supplier in January .
Report 28% of India total crude oil imports in January came from sanctions hit Russia . Russia delivered 1.27 millions barrels per day ro India in Jan the highest ever in a single month .India Russia crude oil imports in January were 8% more than a month before vortexa .
Why G7 oil price cap failed
Russia urals crude is consistently trading under $60 per barrel , the price cap has had no impact on supplies to India . The Urals grade accounts for $80 per cent of all Russian oil imported by Indian refiners .
While several major ship owners like Trafigura and Total that were previously very active in the Russian crude trade have exited there appear to be no shortage of Aframax and Suezmax taonnage supply from the remaining and incumbent ship owners based in Dubai , India and Greece so far. ( Vortexa)
Russian surpassed Iraq and became India biggest supplier of crude oil in Oct and has retained the top spot for three consecutive months till now . Moscow has made an unprecedented Europe to Asia switch due to Ukraine war sanctions .
Bloomberg reported that India and China are the main buyers of discounted Russian oil. India imports 85% of its oil needs and discounted supplies provide some economic relief.
0 Comments