The main reason for this growth is the sanctions against the Russian courts, which motivated India to look for new oil suppliers.
Exporting raw oil from USA to India in February 2024 reached the highest level of more than two years. Reuters write about it on Thursday, March 6.
It has been noted that Indian oil refineries are actively seeking alternative supplies after the introduction of Washington’s strict penalties against Russian manufacturers and tanks.
It should be noted that Indian energy purchases from the United States can reach $ 25 billion in the near future, which is a significant increase compared to $ 15 billion last year.
The main reason for this growth is the sanctions against the Russian courts, which motivated India to look for new oil suppliers.
According to Kpler tracking data, in February, the United States exports about 357,000 oil barrels per day in India, which is more than February 2023 – 221,000 barrels per day.
The main oil consumers are companies such as the Indian Oil Corp, Reliance Industries and Bharat Petroleum Corp, and the largest supplier in the United States is Occiento Petroleum, Equinor, Exxon Mobil and the Gunvor Trading House. Most of the oil exported to India is the oil of the West Texas Intermediate-Midland brand, which is especially requested because of its properties.
Remember that oil prices fell more than 3% because of fears about weakening global energy demand as supply increases.
Ukraine recommends set the maximum price for Russian oil for $ 30 per barrel.
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Source: korrespondent
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