Russia shipped over 50% of seaborne Urals oil to India in November
Russia shipped over 50% of seaborne Urals oil to India in November
New Delhi: Russian seaborne Urals oil shipment to India accounted for about 53 per cent — a record-high share of total tanker shipment in November. During the month, Moscow exported at least 3.7 million tonnes of all Urals supplies via ports of Primorsk, Ust-Luga and Novorossiisk.
As per Reuters calculations based on Refinitiv and traders’ data, the total volume of shipments of Urals oil from the Russian ports, excluding the transit volumes of Kazakhstan, decreased in November with the approaching embargo, which prohibited the European Union purchasing Russian seaborne crude after 5 December.
Russia continues to be India’s largest oil supplier
For the second consecutive month in November, Russia remained India’s largest oil supplier with the country suppling 909,400 barrels per day (bpd) of crude, Vortexa, an energy cargo tracker, report said.
In October, Russia sent over 902,740 bpd of oil, which was the highest among all exporters to India.
Both the months Russia remained ahead of Iraq and Saudi Arabia to be India’s top most oil supplier.
Price cap on Russian oil
On 5 December, the G7 group of major economies implemented a cap on the price of Russian oil at $60 a barrel to “prevent Russia from profiting from its war of aggression against Ukraine”.
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The cap will stop any Russian crude sold for more than the price from being shipped using G7 and EU tankers, insurance companies and credit institutions.
Russia has said that it will not accept the price cap and has threatened to stop exporting oil to countries adopting the measures.
Uninterrupted crude supply for India
Meanwhile, Russia, the world’s second biggest producer of crude oil, has assured India that for now it will continue to receive the existing discounts on crude oil imports.
“We have been assured by our Russian partners of uninterrupted crude supplies at the existing rates for the time being. There were a lot of reports of changes in (India’s) buying patterns after the global price cap took hold. But Indian refiners will continue benefiting from favourable purchase agreements,” a report by Business Standard quoted a senior official as saying.
The official further said that both the Indian and Russian governments are discussing the price of crude supplies and likely fallouts of the price cap.
For the unversed, India imports around 85 per cent of its fuel requirement.
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