New Delhi: India is pivoting towards US oil imports, with plans to receive approximately 7.6 million barrels of American crude next month, marking the highest volume in a year. This move comes as sanctions against Russian oil intensify, threatening the stability of Russian oil sales to India, reports Reuters.
As the world’s third-largest oil importer and consumer, India is diversifying its energy supplies in response to the tightening sanctions against Russia, a significant oil supplier. Ship tracking company Kpler reveals that three very large crude carriers and three Suezmax vessels are currently en route to India, carrying the anticipated oil shipment.
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India’s shift in oil procurement follows its emergence as the largest purchaser of Russian oil last year, as other countries halted their purchases due to Western sanctions imposed on Moscow following its February 2022 invasion of Ukraine.
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The United States has heightened its efforts to disrupt the trade in Russian oil by imposing sanctions on the state-owned shipping company Sovcomflot last month. In response, sources indicate that India’s Reliance Industries, operator of the world’s largest oil refining complex, will abstain from purchasing Russian oil loaded on tankers operated by Sovcomflot.
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Moreover, additional Indian refiners are expected to follow suit, avoiding Sovcomflot vessels, which could complicate Russian oil imports and potentially reduce Russia’s sales of its primary commodity.
