Economy
India's Oil Imports From Russia Surge In November, Rebounding From Maintenance Slump: Kpler And Vortex Data
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India's oil imports from Russia have witnessed a resurgence in November, bouncing back after several plants resumed operations following planned maintenance according to a report from The Economic Times.
Ship-tracking firms Kpler and Vortexa's preliminary data revealed the recovery, attributing it to increased fuel consumption during the Diwali festive season.
Amid a period when some Western nations had avoided Russian oil post the Ukraine invasion, India, the world's third-largest oil importer, has notably increased its purchases of discounted Russian oil.
Data from both tracking agencies indicated a 9 per cent and 5 per cent monthly rise in India's Russian oil intake in November, reaching 1.73 and 1.68 million barrels per day, respectively.
Despite the rebound, these imports remain lower than the peak of nearly 2 million barrels per day in May.
Kpler's crude analyst Viktor Katona emphasised India's post-autumn refinery maintenance recovery, highlighting the competitive edge of Urals oil over Middle Eastern term deals.
However, challenges may arise due to US sanctions on oil tankers involved in shipping Russian crude to India, potentially limiting refiners' enthusiasm.
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