India is the third largest oil importer and consumer in the world. (Representative)
Houston:
More than 250,000 barrels per day of US crude are expected to arrive in India next month, the highest in more than a year, ship tracking data shows, amid tighter enforcement of sanctions on Russian crude.
India, the world’s third-largest oil importer and consumer, is looking to diversify its oil supplies as new US sanctions on Moscow threaten to hamper Russian oil sales to India, the biggest buyer of Russian marine crude.
About 7.6 million barrels of oil, or 256,000 barrels per day (bpd), were bound for India on three very large crude carriers and three Suezmaxes, according to ship tracking company Kpler.
The ships, mostly bound for India’s west coast, were chartered by companies including Reliance Industries, Vitol, Equinor and Sinokor, according to data from financial firm LSEG.
India was the biggest buyer of Russian oil last year after other groups pulled out of their purchases following Western sanctions on Moscow over its February 2022 invasion of Ukraine.
Last month, the US stepped up efforts to curb Russia’s oil trade, adding sanctions on state-owned shipping company Sovcomflot and 14 crude oil tankers involved in Russian oil shipments.
Reliance, operator of the world’s largest refinery complex, will not buy Russian oil loaded onto Sovcomflot tankers after recent US sanctions, sources told Reuters last week.
More Indian refiners plan to avoid Sovcomflot ships, which could depress imports of Russian oil and leave Russia with fewer outlets for its flagship product, sources said.
(Except for the headline, this story has not been edited by WhatsNew2Day staff and is published from a syndicated feed.)