India's imports of crude oil from Russia fell to the lowest level since January 2023 this month, underscoring the extent to which harsh US sanctions have disrupted supply chains, according to analyst firm Kpler, UNN reports, citing Bloomberg.
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According to the available data, purchases by the South Asian country, the largest buyer of Moscow's sea-delivered oil in 2024, are "likely to fall further in the next two months" as sanctions have led to a sharp reduction in fleet availability and discounted cargo sellers.
India's imports from Russia fell 14.9% from a month earlier to an average of 1.4 million barrels per day in February, according to the data. Supplies from Iraq, the second largest supplier, jumped 8.3%, while Saudi Arabia shipped 0.7% less oil than last month, according to the data.
According to Kpler, refiners in the world's third-largest oil consumer also bought more from Nigeria, Angola, Mexico, and Colombia to compensate for the loss of Russian barrels.
EU to seek India's help to impose sanctions on Russia - Bloomberg26.02.25, 00:44