Posted 12/25/2023, 9:07:49 AM
India Steps Up Russian Oil Imports, Confronts Logistical Hurdles to Blunt Rising Prices
- India ramped up cheap Russian oil imports to prevent global crude prices from surging to $120-130 per barrel
- India now imports 1.95 million barrels per day of Russian oil, topping Russia as India's #1 supplier
- India says it will import oil from anywhere it can get a good deal as a top global importer
- Payment and logistics like shipping and insurance are challenges for India when importing Russian oil
- Western price caps on Russian oil have created some issues for Indian refiners providing proof of proper pricing