In April, India is set to receive over 2,50,000 barrels per day (bpd) of US crude, marking the highest influx in more than a year. The surge comes amidst increased enforcement of sanctions on Russian crude oil. India, the world’s third-largest oil importer and consumer, aims to diversify its oil sources due to escalating sanctions on Moscow, which could potentially disrupt Russian oil sales to India, historically one of its largest buyers.
According to data from ship tracking firm Kpler, approximately 7.6 million barrels of oil, translating to 2,56,000 bpd, are en route to India via three very large crude carriers and three Suezmax vessels. Companies such as Reliance Industries, Vitol, Equinor, and Sinokor have chartered these vessels, mainly destined for India’s west coast.
In 2023, India emerged as the primary purchaser of Russian oil, following the retreat of other buyers due to Western sanctions imposed on Moscow for its Ukraine invasion in February 2022. As reported by U.S.News, the recent US actions have intensified efforts to curtail Russia’s oil trade, extending sanctions to include state-owned shipping firm Sovcomflot and fourteen crude oil tankers involved in Russian oil transportation.
