India Increases US Oil Imports Amid Russian Sanctions
India is set to receive a surge in US crude oil shipments, marking the highest levels in over a year, as reported by Reuters. This shift comes as tighter sanctions against Russia threaten to reduce Moscow's sales to India, previously the top buyer of Russian seaborne crude.
India, the world's third-largest oil importer, is broadening its supply base in light of these sanctions. Next month, over 250,000 barrels of US crude per day are expected to arrive. Major companies, including Reliance Industries, Vitol, Equinor, and Sinokor, have chartered vessels for the shipments.
The US has ramped up sanctions against Russia's oil trade, including targeting the state-owned shipping firm Sovcomflot. India's Reliance, a major buyer of Russian oil, has indicated it will avoid using Sovcomflot tankers in response.
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