India’s Oil Imports From Russia Could Shift Due To US Sanctions
India used to buy less than 2 % of its total oil imports from Moscow before the Russia-Ukraine war. The volume surged to almost 45 % in the middle of last year , according to data compiled by analytics firm Kpler. India ’s inbound shipments from traditional suppliers like Saudi Arabia declined. , The sanctions may impact daily flows of as much as 2 million barrels to India and China , says Arvinder Singh Sahney , chairman of Indian Oil Corp. He says India will tap suppliers , such as OPEC producers , the US , Guyana and Brazil , to fill any shortfall. Oil prices rose after the US sanctions , but are likely to remain rangebound between $ 75-$80 a barrel in the short- to near-term , Sahney says.
