Russia is now India's top oil supplier, overtaking Iraq and Saudi Arabia, as Moscow looks to replace the EU as a customer
Russia surpassed Iraq and Saudi Arabia last month to become India's top crude supplier, according to data from energy firm Vortexa cited by theIndia's crude imports from Russia climbed 8% to 946,000 barrels a day during October, the highest average ever for a month, accounting for 22% of India's total crude imports. That clocked in above Iraq's 20.5% share, and Saudi Arabia's 16%.
Meanwhile, China remained the biggest overall buyer of Russian oil, importing 1 million crude barrels a day during October. Now, fresh EU sanctions loom on December 5. And a proposed price cap designed to coincide with that package would prevent European shippers, insurers, and insurance brokers from handing Russian oil above a certain price.
Meanwhile, the CEO of Vitol, the world's largest independent energy trader, predicted this week that Russia's exports could due to EU sanctions, even as a"dark fleet" of ships is poised to move supplies under the radar.
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