Kpler data shows India imported a record 2.8 mbpd of Russian crude in July despite mounting geopolitical risks. Russian crude accounted for nearly 55 percent of India's total crude imports.
Top 5 purchasers of Russian crude are China, India, Slovakia, Hungary & Azerbaijan. The bill proposes exemptions for countries that import less than 15% of their natural gas from Russia.
Oil industry analysts say Indian refiners have little need for additional supplies as most crude requirements till the first half of August are already secured.
American shipments made up 55% of LPG imports in May, while strong inflows from Russia and Venezuela helped offset disruptions in Middle Eastern crude supplies.
With Washington issuing a third 30-day waiver for Russian crude cargoes at sea, India signals continuity in import strategy while ramping up purchases from Venezuela and other suppliers.
The disruption in the Hormuz Strait has sharply reduced India’s intake of Gulf crude. This March, Gulf supplies—usually half of India’s crude imports—dropped from 2.6–2.7 mbpd to 1.2–1.3 mbpd.
From Baltic ports to Gujarat shores, Russian crude travels 7,000 nautical miles through ship-to-ship transfers, and in some cases, price cap loopholes, experts say
New Delhi is examining the legal implications of the latest set of American investigations into Indian exports under Section 301(b) of the Trade Act of 1974, it is learnt.
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