India unseated China to become the world’s biggest buyer of discounted seaborne Russian crude oil in April, with imports jumping by 10 per cent on the month to a nine-month high, according to early ship tracking data and industry officials. Indian purchases of Russian oil exceeded Chinese imports by 450,000 barrels per day (bpd), data from market intelligence agency Vortexa shows.
An appetite for Russian oil has revived as cheaper Venezuelan supplies dried up after the US reimposed sanctions this month on the Latin American nation. A 45-day “wind-down” period expires at the end of May, but sanctions could be
First Published: Apr 30 2024 | 12:17 PM IST