Largest purchaser of Russian oil shuns Putin

From Largest Buyer to Slow Purchase: India’s Love-Hate Relationship with Russian Crude Oil

India, despite facing sanctions from Western countries, has become one of the largest buyers of Russian crude oil. However, recent reports suggest that the country is slowly reducing its purchases. Initially, India became the largest buyer of Russian crude oil when Russia lowered its prices in response to sanctions imposed by Western countries. But now, Indian refineries have shifted their focus to the United States and the Persian Gulf due to various challenges.

The decline in Indian oil purchases from Russia can be attributed to several factors. Transportation issues and complex payment transactions are among them. Additionally, there are speculations that India wants to appease Western countries that have imposed sanctions on Russia. Russian exports of petroleum products have decreased, and Indian companies have increased their purchases from the United States, particularly through state-owned Bharat Petroleum and Indian Oil.

Analysts believe that Indian refineries are turning away from Russia because of import problems. The Petroleum Minister of India has confirmed a decrease in Russian oil purchases while emphasizing the need for energy at the lowest possible cost. While there may be political motives behind this shift, Indian refiners are focusing on maintaining good relations with Western countries.

Despite Western sanctions against Russia, its oil has still found its way into Europe as EU countries have shown interest in Russian oil products. In response to this demand, Indian refineries have increased their exports to Europe using the same Russian barrels imported earlier. China is also looking for cheap oil and has not taken a stance on Russia’s military actions.

Overall, it seems that India is moving away from relying solely on Russian crude oil due to various reasons such as transportation issues and political pressures from Western countries. However, it remains to be seen if this trend will continue or if India will turn back towards Russia at some point in time.

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