India compensates for the decline in Russian oil supplies by heading to the Middle East
One of India’s largest refiners has been forced to look for alternative, more expensive crude shipments from the Middle East to compensate for falling supplies from Russia.
Bloomberg reported that this development highlights changing export patterns as traders focus on global market prospects in 2025.
The agency quoted Bharat Petroleum’s chief financial officer, Vitsa Ramakrishna Gupta. India lacks three or four Russian shipments for January loading and February delivery.
He added that India has become A key market for Russian oil flows following the 2022 Russia-Ukraine war, boosting imports that are helping its fast-growing economy. However, the country has faced a decline in shipments in recent weeks as Western countries tightened sanctions against Moscow’s so-called dark fleet of tankers.
He noted that Russian refiners are enhancing operating rates. In addition, Moscow has also been under pressure to adhere to OPEC production targets. +.
He noted that while Middle Eastern supplies were $2 a barrel more expensive than Russia’s Urals, there was no shortage of crude oil in the broader market.
It is noteworthy that India’s oil imports from Russia decreased to 1.47 million barrels per day this month, which is the lowest level since December of last year, according to the analysis company Kpler.
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