Refiners in China, the world's largest oil importer, are increasing their intake of a Russian crude grade from the Far East, a move that India is avoiding due to sanctions concerns. India, heavily reliant on imported crude, initially turned to cheaper Russian oil post-Ukraine war, but now faces disrupted oil trade that raises costs. Despite global moral stances against Russian oil, countries like China, India, and Turkey continue to import at pre-Ukraine levels.
Russian oil imports by foreign countries are at the same level now as they were before the Ukraine invasion. China, India, and Turkey have gladly taken extra Russian oil, while the rest of the world tries to grab the moral high ground. (h/t @SteveRattner) https://t.co/v3ZfpE6mVn
#Russia’s Disrupted Oil Trade Crimps Margins for Indian Refiners Higher freight rates, stranded cargoes add to costs for buyers South Asian nation lifted purchases of Russian crude after war #oott https://t.co/ehgX3CLgzi
India has to import 88% of its crude needs and the nation took advantage of cheaper Russian oil following the war in Ukraine as others shunned Moscow’s barrels https://t.co/3vWNe8f5wW
Refiners in #China, the world’s largest #oil importer, are taking greater volumes of a crude grade from #Russia’s Far East that’s largely being shunned by their counterparts in #India in the middle of sanctions concerns https://t.co/GSyOwaCdsX via @markets
Refiners in China, the world’s largest oil importer, are taking greater volumes of a crude grade from Russia’s Far East that’s largely being shunned by their counterparts in India in the middle of sanctions concerns https://t.co/2uUDaqTDCM
Not just India: EU, China, Germany & others are also importing Russian fuel https://t.co/OHHILzuS0Z