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India Boosts Russian Oil Imports Amid Global Supply Concerns
(MENAFN) Reports indicate that India’s intake of Russian crude experienced a notable increase of 27% in March compared to February, according to data from S&P Global Commodities at Sea (CAS). Shipments to the country reached an estimated 1.4 million barrels per day during the month.
On March 6, the United States granted India a 30-day exemption allowing the country to continue importing Russian oil. US Treasury Secretary Scott Bessent stated, “the move was aimed at ensuring stability in the global oil market amid a mounting energy crisis since the war on Iran broke out.”
Compared with January figures, Indian crude purchases from Russia rose by roughly 17%, CAS data shows. Nayara Energy, partially owned by Russian energy firm Rosneft, emerged as the largest purchaser during the first week of March. Additionally, India’s leading refiner, Reliance, tripled its imports from Russia at its Jamnagar terminal.
Earlier this year, Reliance had halted purchases of Russian crude following the European Union’s ban on petroleum products derived from Russian oil. The current increase in imports comes as New Delhi seeks to secure supply amid disruptions in Middle Eastern crude, caused by ongoing military operations and a near blockade of the Strait of Hormuz.
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