The world’s third-largest oil importer and consumer increased Iraqi oil imports to compensate for falling oil imports from the Russian Federation.
Because of the sanctions, crude oil imports from Russia to India fell for the second month in a row to the lowest level in a year, Reuters wrote.
It has been reported that the world’s third largest oil importer and consumer has increased Iraqi oil imports to compensate for the fall in oil imports from the Russian Federation.
Oil imports from Russia fell 4.2% to 1.3 million barrels per day. Data from ship tracking agency Vortexa showed a 9% drop in production to 1.2 million barrels per day.
“The reduction of discounts on Russian oil compared to Middle Eastern oil, recent US sanctions on ship owners carrying Russian oil above the price cap, and the increase in tanker premiums the Red Sea attacks have made Russian oil less attractive to Indian refineries,” Serena said. Huang, who heads Vortex’s Asia-Pacific analysis department.
According to his forecasts, Russian oil imports to India may further weaken in the coming months.
It noted that last year India became the largest buyer of Russian marine oil, which was sold at a discount when Western countries stopped importing after Russia’s full-scale invasion of Ukraine, but in December Washington imposed of sanctions on ships and ship operators that transport and sell Russian oil for more than $60 a barrel. Banks and service providers have been asked to ensure that the shipment does not violate the price limit.
Because of the sanctions, several tankers that were supposed to deliver Sokol crude oil to India were diverted.
According to Reuters, India plans to receive at least five shipments of Sokol crude oil in February, although it received none in January.
It was earlier reported that 14 Russian oil tankers were stuck at sea due to US sanctions.
Source: korrespondent
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