Russian oil flow to India drops sharply as US sanctions on Rosneft and Lukoil bite

Flow of Russian crude oil to India tapered by a third after stringent US sanctions on two key suppliers came into effect on November 21 and is expected to decline further in December as Indian refiners look for alternative options.

The imports slumped to 1.27 million barrels per day after the sanction from an average of 1.8 million bpd earlier in the month. The November imports, compared with 1.5-1.6 million bpd of Russian oil flow in October, are expected to be a 5-month high, driven by increased imports before the deadline.