India’s Russian oil imports hit new high in June, but growth slows – trade
NEW DELHI: India’s imports of Russian oil edged up to an all-time high in June, though growing at the slowest pace since October, tanker data obtained from trade sources showed on Wednesday, signaling its appetite for Russian oil may have peaked.
Refiners in India, the world’s third-biggest importer of Russian oil, have been gorging on the raw material as it was sold at a discount after western nations shunned purchases from Moscow over its invasion of Ukraine.
Russian oil has, however, started to lose its appeal to Indian refiners, as discounts are narrowing and problems cropped up in settling payments, forcing Indian refiners to scout for alternative sources in the Middle East.
