India increases oil imports from West Asia amid US sanctions
pre-market1 source ↓written by the desknot a recommendation
- take effect
- 21 Nov 2023
India is ramping up oil purchases from West Asia as US sanctions on Russian firms Rosneft and Lukoil take effect on 21 Nov 2023. Five out of seven Indian refiners will cease deliveries of Russian crude, leading to a surge in tanker bookings and freight rates, with costs nearing a five-year high. This shift indicates a significant increase in oil import flows from Saudi Arabia, Kuwait, Iraq, and the UAE.
Not investment advice. For informational purposes only.