Russia Became Largest Oil Supplier to India

In October, Russia became the largest supplier of oil to India, overtaking the traditional leaders in this indicator, Saudi Arabia and Iraq, as specialists of the industry analytical company Vortexa stated. 

“In October, Russia supplied India with 946 thousand barrels of oil per day, which is the highest figure for the month, or 22 per cent of all crude oil imports to India. At the same time, Iraq accounted for 20.5 per cent of October deliveries, and Saudi Arabia accounted for 16 per cent,” the Economic Times quoted the company’s data.

According to analysts, the total volume of crude oil imports by India increased by 5 per cent in October compared to September, and imports from Russia — by 8 per cent. At the same time, although the largest buyer of Russian oil delivered by sea is China, which imported more than a million barrels per day, India for the first time imported more oil from Russia by sea than the EU — volumes were 34 per cent higher than in the EU.

However, as reminded, in early October, the Eu introduced the eighth package of sanctions against Russia, which includes a legislative framework for determining the price ceiling for the sea transportation of Russian oil to third countries. Thus, it is planned to introduce a price limit for oil from December 5, 2022, and for petroleum products on February 5, 2023.

The idea of a ceiling on oil prices in the West began to be discussed in the summer on the initiative of the US, whose Treasury proposed to limit the price to a range of 40-60 dollars per barrel. Now, as Bloomberg reported, citing its sources, the administration of Joe Biden is reviewing the conditions in the direction of raising the ceiling.

Ru-Main, 02.11.2022
Source: RIA Novosti 

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