In October, Russia became the largest oil supplier to India, overtaking Saudi Arabia and Iraq.
Russia in October 2022 became the largest supplier of oil to India, overtaking Saudi Arabia and Iraq, traditional leaders in this area, analysts at the industry analytical company Vortexa said.
“In October, Russia delivered 946 thousand barrels of oil per day to India, which is the highest figure in a month, or 22% of all crude oil imports to India. At the same time, Iraq accounted for 20.5% of October deliveries, and Saudi Arabia for 16%,” the Economic Times quoted the company’s data as saying.
The analyst firm explained that India’s total crude oil imports were up 5% in October compared to September, while imports from Russia were up 8%. While China is the largest buyer of Russian seaborne oil, importing more than a million barrels a day, India for the first time imported more oil from Russia by sea than the European Union – volumes were 34% higher than in the EU, the publication reports.
It is noted that oil imports from Russia to India may slow down from December due to delivery restrictions that may arise due to the West’s proposed price cap on Russian oil.
“There remains a lot of uncertainty about whether Russian oil supplies can be maintained at this level after the EU ban on December 5, with the availability of ice-class tankers to transport oil from Russian Baltic ports being one of the biggest constraints,” said Serena Huang, an analyst at Vortexa.
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