Russia Captures Record Share of India’s Oil Market
Crude oil imports from Russia accounted for over 50% of India’s total import volumes last month. This was the highest share of Russian oil in India’s import mix, Reuters noted in a report that cited unnamed trade sources. Russia exported crude at a rate of some 2.47 million barrels daily to India la
Source: OilPrice.com
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DW NOTE
Russia now supplies a record share of India's oil imports — a direct consequence of Western sanctions that severed Russian crude from European buyers without capping Moscow's ability to produce. India bought the barrels Europe wouldn't at a discount, then sold refined products back to the West at market rates. The sanctions moved the refining margin, not the oil.