Russian oil and fuel oil exports to India may reach new highs

According to the heads of oil refineries, Indian refineries may increase their purchases of Russian oil if the price per barrel remains attractive. Such a prospect would provide Russia with a large sales market.

The South Asian country has significantly increased its imports of Russian oil in 2022. Thus, record volumes of fuel were received for December, as the discount on the purchase of barrels attracted many people willing to buy black gold. Indian refineries can take cheap Russian oil into fuel - for example, diesel. It can then be sold to other regions, thus earning refiners a profit. Impending EU sanctions are expected to increase demand for fuel in Asia.  

According to Kpler, Russian fuel oil flows to India have also increased. Last December, volumes nearly doubled compared to November, exceeding 137,000 barrels per day. The imported feedstock can further be used for the production of other valuable fuels as well as for power generation.