In August, six tankers transported Espoo crude oil from Russia to India, according to a Bloomberg report. The agency notes that this is the largest number of deliveries purchased by this country since the opportunity opened. Thus, India is responsible for purchasing approximately one-fifth of the monthly supply of Russian oil.
India is the main recipient of Russian oil
As Emma Lee, an analyst from Vortexa Ltd. In an interview with Bloomberg, Russia has become a stable source of oil supplies for India, even though the country didn’t like the Russian mix until recently. Although the trip to India is quite long, she believes that deliveries will continue as long as the price is attractive and sanctions do not prevent trade between the two countries.
As a result, India became a major client of Russia after its invasion of Ukraine. According to Bloomberg, An Asian country buys millions of barrels of oil, rejected by the United States and Europe, at promotional prices. Compared to last year, the volume of transactions between the two countries Increased at least three times. First, India began to acquire a variety of Ural oil, and now ESPO, which until recently was preferred mainly by China.
ESPO oil from Russia replaces India with a slightly more expensive blend from the Middle East, which means that the country buys less oil from Saudi Arabia and Abu Dhabi. As Bloomberg notes, both state-owned refineries – the Indian Oil Corporation – operate near the terminals that receive Russian oil. – as well as private companies, including Reliance Industries. The latter company is owned by the second richest man in India, billionaire Mukesh Ambani.
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Bloomberg notes that until this year India has not been a significant recipient of Russian oil China dominated this market, and Japan and South Korea also used it. India has only started buying more gas from Russia in recent months. However, this situation may not last long, as the United States puts pressure on the government in New Delhi to limit the flow of funds destined for Moscow. Besides oil, however, India They also buy coal from Russia.
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