Bloomberg: Russia boosts oil supplies to India despite growing demand from China
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Russia continues to supply India with the maximum amount of oil possible, despite the recovery in Chinese demand. In February, New Delhi imported about 1.85 million barrels per day from Russia. This was reported Bloomberg with reference to Kpler data.
As Bloomberg notes, before the imposition of sanctions by the European Union and the United States, India practically did not buy Russian oil. In February, Russia’s imports into the country surged to near a potential high of 2 million barrels per day, Victor Katona, a leading Kpler analyst, told Bloomberg.
According to Mr. Katona, China, after abandoning the “zero tolerance” policy for COVID-19, “could buy literally all Russian oil exports,” but Russia would like to keep the Indian market because it is more profitable and gives oil sellers the opportunity to better control supplies.
According to the International Energy Agency (IEA), the demand for Russian oil in India will increase by about 900 thousand per day in 2023. Experts note that tankers with Russian oil reach India in an average of 35 days. At the same time, sending oil to China takes 40-45 days.
After the entry into force of the price ceiling for offshore oil supplies, most of the Russian resource, which is subject to the embargo, redirected to China and India. According to the IEA, in December 2022, the export of Russian oil and oil products to India amounted to 1.6 million barrels per day. According to Bloomberg, India buys oil from Russia at a deep discount, and after processing, sends the fuel to Europe.
About how Russia supplies oil under sanctions – in the material “Kommersant” “The shadow fleet is expanding.”
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