Russian oil exports to India surge as Europe shuns cargoes

Russian oil exports to India surge as Europe shuns cargoes

Russian oil exports to India have quadrupled this month in a sign of the vast reshaping of global energy flows since Russia’s invasion of Ukraine.

India, the world’s third-largest energy consuming country, has snapped up multiple cargoes of Russian oil from traders as buyers in Europe shunned the country’s vast commodities market following western sanctions on Moscow.

Russia has exported 360,000 barrels a day of oil to India in March so far, nearly four times the 2021 average. The country is on track to hit 203,000 b/d for the whole month based on current shipment schedules, according to Kpler, a commodities data and analytics firm. Export data represent cargoes that have been loaded on to tankers and are en route to India.

Alex Booth, head of research at Kpler, said India typically buys CPC, a blend of predominantly Kazakh and Russian crude, but the big increase in March was for Russia’s flagship Urals crude, suggesting Indian buyers weighed up significant discounts against public opinion.

“Already committed oil cargoes from Russia that can’t find buyers in Europe are being bought by India,” he said. “Exports to India surged in March before any official announcement by New Delhi.”

On Tuesday, White House press secretary Jen Psaki warned