Opinion: India Gorges On Cheap Russian Crude, But There's A Big Risk
NDTV
Indian refiners are happy to buy heavily discounted Russian crude, which is being offered at up to $40 a barrel below benchmark Brent crude prices.
Indian oil refiners are sucking up cheap Russian crude, but the risk is that their exports of refined products will eventually attract sanctions from countries determined to cut Russian energy out of global markets.
Imports of Russian crude by India hit a record high in May, and will likely rise again in June, according to data compiled by commodity analysts Kpler.
India imported 840,645 barrels per day (bpd) of Russian crude in May, up from 388,666 bpd in April and 136,774 bpd in May last year, Kpler data showed.
June imports are estimated at 1.05 million bpd, meaning that Russia's share of India's total imports will rise to just under one quarter, a dramatic spike considering that they were around 2 per cent of the total last year.
