Taif emerges as a sanctuary for Arabian horse heritage    International Year of Camelids 2024 under Saudi Presidency concludes    Elm, One sign MoU to enhance strategic partnership and support local content in communications and marketing sector    Commerce Ministry recalls over 88,000 Anker portable chargers over fire risk    Trump says Israel has agreed on terms for 60-day ceasefire in Gaza    New evidence suggests Russian forces shot down Azerbaijan Airlines Flight 8243    Iran's president halts cooperation with UN nuclear watchdog, reports say    Inquiry finds British committed genocide on Indigenous Australians    BTS are back: K-pop band confirm new album and tour    Saudi FM receives message from Iranian counterpart    Cabinet reaffirms Saudi position of resolving conflicts through diplomatic means    Foreign Trade Authority leads Saudi negotiating team in second round of GCC-Japan FTA Talks    Inzaghi hails 'historic' Al Hilal win over Man City: We climbed a mountain with no oxygen    Milinković-Savić says Al Hilal proved critics wrong after historic win over Man City    Al Hilal stuns Man City and stirs the world: 'One of the greatest nights in Saudi club football'    AlUla becomes favorite global summer destination for photography enthusiasts    Michelin Guide launches in Saudi Arabia with phased rollout in 2025    Al Hilal stun Manchester City in seven-goal thriller to reach Club World Cup quarterfinals    'How fragile we are': Roskilde Festival tragedy remembered 25 years on    Historic Jeddah's visual identity re-imagined through global art installations at Al-Arbaeen Lagoon    Sholay: Bollywood epic roars back to big screen after 50 years with new ending    Ministry launches online booking for slaughterhouses on eve of Eid Al-Adha    Shah Rukh Khan makes Met Gala debut in Sabyasachi    Pakistani star's Bollywood return excites fans and riles far right    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



India shows no sign of slowing its purchase of Russian oil
Published in The Saudi Gazette on 01 - 06 - 2022

India's appetite for cheap Russian oil is swelling, even as the West continues to hit Moscow with unprecedented sanctions.
Russian Crude flows to India are expected to reach 3.36 million metric tons in May, according to estimates from Refinitiv. This is nearly 9 times higher than the 2021 monthly average of 382,500 metric tonnes.
Overall, the country has received 4.8 million metric tonnes of discounted Russian oil since the Ukraine war started, Refinitiv added. Urals oil from Russia currently trades at about $95 a barrel, while the global benchmark Brent crude is above $119 a barrel.
Part of the reason for the price disparity: The West has shunned Russian oil. On Monday, the EU agreed to ban 90% of Russian oil imports by the end of the year. Europe is the biggest buyer of Russian energy.
The United States, Canada, United Kingdom and Australia have already banned imports.
The embargo from a huge importer like Europe would pile pressure on the Russian economy, but Moscow has found other buyers in Asia.
India, which imports 80% of its oil, usually buys only about 2% to 3% from Russia. But with oil prices shooting up this year, the government has steadily increased its intake from Moscow, taking advantage of the heavy discounts.
According to Refinitiv, Russia crude flows to India soared to 1.01 million metric tonnes in April from 430,000 metric tonnes in March.
India's Ministry of Petroleum and Natural Gas did not immediately respond to a query on the impact EU's partial ban will have on the South Asian economy's oil ties with Moscow.
Earlier in May, India played down the import spike. In a statement, the Ministry of Petroleum and Natural Gas said the country imports oil from all over the world, including a significant volume from the United States.
"Despite attempts to portray it otherwise, energy purchases from Russia remain minuscule in comparison to India's total consumption," the ministry said in a statement. "India's legitimate energy transactions cannot be politicized," it added.
The world's biggest democracy has refrained from taking a tough stance against Moscow over the war in Ukraine. Russia and India have a long history of friendly relations, which stretch back to the Soviet era when the USSR helped India win its 1971 war with Pakistan.
India isn't the only Asian giant buying Russian oil. China, historically the single biggest buyer of Russian oil, is expected to go on a shopping spree, too.
OilX, which uses industry and satellite data to track oil production and flows, found that China's imports from Russia by pipeline and sea rose by 175,000 barrels per day in April — an increase of about 11% over average volumes in 2021. Seaborne imports are rising more sharply in May, according to early data.
Demand is expected to pick up as the world's second largest economy begins loosening its strict Covid-related restrictions in major cities.
While Asia's purchase of Russian crude is surging, the EU on Monday resolved to block most of it by the end of this year.
Russian crude accounted for 27% of the bloc's imports in 2021, according to Eurostat.
Russian oil delivered by tankers would be banned, while an exemption will be made for the southern segment of the Druzhba pipeline, said Ursula von der Leyen, president of the European Commission, in a press conference.
The northern segment of the pipeline serves Poland and Germany — who have agreed to the embargo. The southern part goes to Hungary, Slovakia and Czech Republic and accounts for 10% of imports of Russian oil.
After the embargo, Moscow may look for new customers more aggressively, but it won't be easy.
A significant portion of Russia's oil exports to Europe travel to the bloc via pipelines. Rerouting those barrels to markets in Asia would require costly new infrastructure that would take years to build. — CNN


Clic here to read the story from its source.