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More than 250,000 barrels per day (b/d) of US crude are expected to arrive in India next month, the largest level in over a year, according to ship tracking data, as restrictions on Russian crude are tightened.
India, the largest purchaser of Russian seaborne crude and the third-largest oil importer and consumer in the world, is seeking to diversify its oil supply in light of the recent US sanctions imposed on Moscow.
According to ship tracking firm Kpler, almost 7.6 million barrels of oil, or 256,000 b/d, were bound for India on three extremely large crude carriers and three Suezmax vessels. Data from financial firm LSEG shows that Reliance Industries, Vitol, Equinor, and Sinokor, among others, chartered the ships, most of which were bound for India's west coast.
India was the top buyer of Russian oil last year after other groups retreated from purchases following Western sanctions on Moscow for its invasion of Ukraine in February 2022. Last month, the U.S. tightened efforts to reduce Russia's oil trade, adding sanctions on state-owned shipping firm Sovcomflot and 14 crude oil tankers involved in Russian oil transportation.
India's Reliance, operator of the world's biggest refining complex, will not buy Russian oil loaded on tankers operated by Sovcomflot after recent U.S. sanctions, according to sources. Sources added that more Indian refiners plan to shun Sovcomflot vessels, which may weigh on Russian oil imports and leave Russia with fewer outlets for its flagship product.
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