State-operated oil companies increased their oil imports from Russia in September, indicating that the G7 price cap did not hinder oil imports, according to The Economic Times (ET). Indian state-owned refiners imported 1.57 million barrels per day (mbd) in September, up from 1.44 mbd in August. This led to an increase in Russia’s share of Indian crude imports to 38 per cent, up from 33 per cent a month earlier, the newspaper cited data from Vortexa, an energy cargo tracker.
Significantly, the European Union, G7 countries, and Australia had imposed a price cap of $60 per barrel on the supply of Russian crude to limit Russia’s ability to finance its conflict against Ukraine.
