In 2024: ‘Several headwinds could limit India’s Russian oil imports’

News Snapshot:

Even as India’s Russian oil imports continue to be robust two years since they started rising, there are “many headwinds” to maintaining such “fast-paced imports” in 2024, commodity market analytics firm Kpler said in a recently-released whitepaper on Russia’s oil trade in over two years since its February 2022 invasion of Ukraine. These headwinds, according to Kpler, include lower discounts on Russian oil vis-à-vis global benchmarks, increasing competition from India’s traditional oil suppliers in the Middle East, payment issues between Indian refiners and Russian suppliers, and intensifying sanctions and price cap-related actions by the United States (US)-led G7 nations. Indian...