India has recovered its enormous appetite for Russian oil and is likely to buy between 1.5 million barrels per day (mbpd) and 1.7 mbpd, moving back to levels last seen around March.
Buying levels had plunged in August and September because of a combination of factors, including a drop in demand as the monsoons set in and the fact that several refineries had cut production because of the annual maintenance shutdown. “The end of the autumn maintenance season has sparked an Indian buying renaissance,” says Viktor Katona, lead crude analyst at data and analytics company Kpler.
