India's State-Run Oil Refiners Boost Russian Crude Imports Amid Supply Disruptions
Oil PSUs ramp up Russian crude purchases in March amid supply shock
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In March 2023, India's state-run oil refiners significantly increased their imports of Russian crude oil by 148% compared to February, driven by a 30-day US waiver on oil purchases from Russia. This surge occurred despite an overall decline in India's crude imports.
- 01Indian state-run refiners increased Russian crude imports by 148% in March.
- 02This increase was influenced by a 30-day US waiver allowing oil purchases from Russia.
- 03Overall crude imports in India declined during the same period.
- 04The data was reported by the Centre for Research on Energy and Clean Air (CREA).
- 05The rise in imports reflects ongoing supply disruptions in the global oil market.
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In March 2023, India's state-run oil refiners significantly ramped up their imports of Russian crude oil, increasing purchases by 148% compared to February. This surge was facilitated by a 30-day waiver from the United States, which allowed the purchase of oil products from Russia amid ongoing supply disruptions in the global market. Despite this increase in Russian crude imports, India's overall crude imports saw a decline during the same period. The data was reported by the Centre for Research on Energy and Clean Air (CREA), highlighting the shifting dynamics in global oil procurement as refiners navigate sanctions and supply challenges.
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The increase in Russian crude imports may affect domestic oil prices and energy security for India as refiners adjust to global supply changes.
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