Russia tightens grip on India’s oil market in February; Africa’s share lowest

The share of African crude oil in India’s total crude imports in February dropped to its lowest level in at least 22 years as refiners took record volume of discounted Russian oil and raised purchases from Middle Eastern producers under annual deals, shipping data obtained from sources show.

Refiners in India, which in the past rarely bought Russian oil, because of high transport costs, have emerged as key oil clients for Russia, snapping up crude rejected by Western nations since the invasion of Ukraine in February 2022.

Indian refiners mostly buy African oil through spot tenders. However, the nation’s thirst for African oil has been dampened by easier availability of Russian oil sold at deep discounts.