Refiners in India have flocked to Russian oil, which sells at a discount, after several European countries stopped buying from Moscow over its invasion of Ukraine in February 2022.
India’s oil imports from Russia rose in May to a record 2.1 million barrels per day, linked to a drop in Chinese demand for Russian oil, Reuters wrote.
In particular, it increased Russia’s share as the world’s third largest importer and consumer to nearly 41% last month.
According to Reuters, oil refineries in India rushed to Russian oil sold at a discount after several European countries refused to buy from Moscow because of its invasion of Ukraine in February 2022. In addition, the likes that grade of oil from regions mainly in the Middle East is more expensive.
India shipped about 5.1 million barrels per day of oil in May, up about 5.6% from April. Russian oil imports to India in May increased by 14.7% compared to April and by 5.9% compared to last year.
“Russian oil was available in larger quantities and at better discounts last month due to lower demand from China,” an Indian refinery official said.
Let’s remember that the British Foreign Secretary David Cameron proposed to “hunt down” the “ghost fleet” illegally transporting oil from the Russian Federation.
Source: korrespondent
I am David Wyatt, a professional writer and journalist for Buna Times. I specialize in the world section of news coverage, where I bring to light stories and issues that affect us globally. As a graduate of Journalism, I have always had the passion to spread knowledge through writing.