• 4 minutes The Federal Reserve and Money...Aspects which are not widely known
  • 8 minutes How Far Have We Really Gotten With Alternative Energy
  • 12 minutes  What Russia has reached over three months diplomatic and military pressure on West ?
  • 1 hour GREEN NEW DEAL = BLIZZARD OF LIES
  • 4 days Coincidence of EIA Report Delay? - "I had seen it delayed minutes, and a couple of times a few hours, but don’t recall something like this — do others?" asks Javier Blas
  • 2 days European Parliament Members, Cristian Terhes et al, push back against Totalitarian Digital ID and Carbon Tyranny in Europe.
  • 1 day "How Long Will The Epic Rally In Energy Stocks Last?" by Tsvetana Paraskova at OILPRICE.COM
  • 4 days "...too many politicians believe things that aren’t true." says Robert Rapier
  • 6 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 5 days Demonising fossil fuels has caused major grid problem in Australia
  • 5 days Welcome to Technocracy - The New World Energy Order... "1000s Of Sydney Homes Plunged Into Darkness As Aussie 'Price Cap' Policy Sparks Energy Shortage"
  • 7 days "How to Calculate Your Individual ESG Score to ensure that your Digital ID 'benefits' and money are accessible"
  • 331 days Beware the Left's 'Degrowth' Movement (i.e. why Covid-19 is Good)
The Biggest Threat To Brazil’s Oil Boom

The Biggest Threat To Brazil’s Oil Boom

Brazil’s oil industry has had…

Why Is The United States Still Exporting Fuel?

Why Is The United States Still Exporting Fuel?

The U.S. national average price…

Irina Slav

Irina Slav

Irina is a writer for Oilprice.com with over a decade of experience writing on the oil and gas industry.

More Info

Premium Content

Russia Oil Exports To India Soar On Sanctions

  • The average daily rate of Indian purchases of Russin crude has stood at 360,000 bpd, which was four times the rate of daily purchases last year.
  • Russia is not traditionally a large supplier of crude to India, but sanctions have changed that.
  • The $20-30 dollar discount per barrel makes Russian crude extra attractive for Indian buyers.

Exports of Russian crude oil to India have surged since the start of the month as sanctions bit in, forcing traders in Europe to avoid Russian cargos, the Financial Times reported, citing data from Kpler.

The average daily rate of Indian purchases of Russin crude has stood at 360,000 bpd, which was four times the rate of daily purchases last year, the report noted.

"Already committed oil cargoes from Russia that can't find buyers in Europe are being bought by India," Alex Booth, head of research at Kpler, told the FT. "Exports to India surged in March before any official announcement by New Delhi."

Russia is not traditionally a large supplier of crude to India, but sanctions have changed that. Because of them, Russian crude is trading at a deep discount, amounting to $25-30 per barrel, which has made it economical for India, despite normally high shipping costs, industry sources told the FT.

India imports more than 80 percent of the crude oil it consumes and has been seeking to diversify its sources, including by boosting the intake of Russian oil. The Western sanctions have shut off Russia's trade in U.S. dollars, but, according to reports, New Delhi and Moscow are discussing a payment arrangement using their own currencies.

The United States has made known its displeasure with India's neutral stance on the Ukraine war and its evident willingness to continue doing business with Russia. The latest sign of that displeasure came from White House Press Secretary Jen Psaki, who commented this week on India's plans to keep importing Russian oil.

"I don't believe this would be violating that [sanctions], but also think about where you want to stand," Psaki said. "When the history books are written in this moment in time, support for Russia – the Russian leadership – is support for an invasion that obviously is having a devastating impact."

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment
  • DoRight Deikins on March 18 2022 said:
    To me it's a winning situation for India which the US ought to support. It supplies India with reduced price oil which it desperately needs, allows Russia to keep supplying and producing oil though at a significantly reduced price, and keeps the prices lower for everyone else since the supply is not as constrained.

    The US administration sounds like a little child (not the good kind, but the spoiled kind!).

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News