India is smashing records once again as it accelerates its purchases of Russian oil for a third straight month from already sky-high levels in December and January. And it’s exporting finished petroleum products to both Europe and the US.
In February, about 1.9 million barrels per day (bpd) of Russian oil has been processed at Indian refineries. That’s up from the record 1.4 million bpd in January and that was sharply up from 1.2 million bpd in December 2022.
In addition, India’s also buying Russian naptha and about 500kbd (500,000 barrels) of fuel oil used for shipping bunker fuel and home heating. Altogether, India purchased over 2 million bpd in February.
