India sets new benchmark for buying Russian oil

(MENAFN) According to calculations based on Refinitiv data and trader data, Reuters reported on Monday that India purchased around 40 percent of all seaborne Russian Urals grade oil capacity in November. The figures show that New Delhi became this month's biggest purchaser of Urals oil as a result.

Since a few months ago, India has increased its purchases of Russian oil. With a 22 percent share of India's total crude imports, Russia surpassed Saudi Arabia and Iraq in October to become the South Asian nation's greatest oil supplier, according to information from the energy cargo tracker Vortexa.

Prior to this year, European nations were Russia's biggest exporters of Urals grade oil. Due to Western penalties against Moscow, those exports decreased, with less than 25 percent of the shipments this month coming from European nations. Almost all of them traveled to refineries where Russian energy companies have stock.

When a proposed price cap on Russian oil goes into effect in December, traders anticipate a further decline in the volume of Urals exports to the European Union.

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