Russian oil supplies to India are nearing their highest levels in two years, recovering from a February slump caused by the Joe Biden administration’s sanctions against Russia’s energy sector. About this informs Bloomberg.
According to the analytical company Kpler, the volume of Russian oil imports to India could reach 2.15 million barrels per day in April, the highest level since May 2023. This increase followed a fall in February to a 14-month low.
Oil trade between Russia and India has almost fully recovered as logistics chains gradually stabilize after disruptions caused by US sanctions earlier in the year. At the moment, the volumes of deliveries for April are preliminary – part of the cargo may be moved to May.
Russian Urals oil is currently sold at “significant discounts” compared to oil from West Africa and the Middle East. However, the company’s analyst Sumit Ritolia warns that with the recovery of oil refining volumes in Russia in the coming months, exports may decrease, which will cause a decrease in supplies to India after May.
According to Kpler data, more than a dozen tankers are currently on their way to the port of Jamnagar in the western Indian state of Gujarat, home to the world’s largest oil refinery complex owned by Reliance Industries Ltd.
