Fuel made from Russian oil is being funneled to New York by Indian refiners that are snapping up discounted crude

[walterbibikow]

●Fuel made from Russian crude is being funneled into New York by Indian oil refiners, according to data from Kpler.
●New York is purchasing 89,000 barrels a day of gasoline and diesel from India, the most in about four years

Fuel made from Russian oil is being funneled into New York by to Indian refiners who have been snapping up discounted crude from the sanctioned nation.

https://twitter.com/x/status/1621565419764219904

According to data from Kpler, New York has purchased around 89,000 barrels a day of gasoline and diesel this month from from India. That's the most amount of fuel New York has purchased from the nation in nearly four years, Bloomberg reported, and that fuel is likely being made using banned Russian oil, of which India has become a top buyer amid western sanctions.

Russian oil has been shunned by the west since the country invaded Ukraine last February. But the energy superpower has been handing off its excess crude supplies to friendly countries–namely, China and India–in record amounts as it tries to plug the shortfalls stemming from US and European sanctions.

India in particular began purchasing record amounts of crude oil from Russia after the European Union banned seaborne oil and slapped a $60 price cap on Russian crude, and New York has been purchasing growing amounts of Indian fuel as European exports have fallen off in the past few months. That could worsen once the EU bans Russian fuel imports on February 5, exacerbating the supply shortage in Europe and potentially ratcheting up New York's demand for Indian fuel.

Russia's energy revenue is still likely to suffer once the new fuel ban kicks in though, experts say. China and India are unlikely to ramp up their purchases of Russian fuel, since there's no need to, Kpler's lead crude analyst previously told Insider. That could mean more headwinds for Moscow's economy as the war and western sanctions drag on.

Fuel made from Russian oil is being funneled to New York by Indian refiners that are snapping up discounted crude

India is one of Russia's top oil customers, and the nation has been funneling record amounts of fuel made from sanctioned product into New York.

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[Genghis khan1]

Indians has to be passing on the discount to US cities . Wink wink all sides. Europeans (especially Germans) suck to be them

 

[STREANH]

In a way, India and China buying large amounts of crude oil from Russia does a big favour to other countries as the Middle Eastern oil producing countries can export to the rest of the world without putting pressure on the supply market.

This keeps the price of crude oil in check.

 

[mulj]

It shows how sanctions are ineffective and meaningless, oil is to lucrative commodity to be contained from global market.

 

[Raj-Hindustani]

It shows how sanctions are ineffective and meaningless, oil is to lucrative commodity to be contained from global market.

What a hypocrisy of the western world.

They have occupied venezuela oil, and sanctioned on Iran for selling the oil.

Now, what are they expecting ? Europe can purchase gas from Russia but we are not allowed it. BS

 

[walterbibikow]

Indian refiners have started paying for a significant part of their Russian oil purchases in UAE dirhams

 

[Lava820]

India's unwavering appetite for Russian crude lifts January inflows to record high

India's appetite for Russian crude oil in January rose to unseen levels, continuing to remain above traditional middle eastern suppliers for the fourth month in a row, as refiners rushed to snap up plentiful cargoes available at a discount to other grades.

From a market share of less than 1 per cent in India's import basket before the start of the Russia-Ukraine conflict, Russia's share of India's imports rose to 1.27 million barrels per day in January, taking a 28 per cent share, according to energy cargo tracker Vortexa.

India, the world's third-largest crude importer after China and the United States, has been snapping Russian oil that was available at a discount after some in the West shunned it as a means of punishing Moscow for its invasion of Ukraine.

From a market share of just 0.2 per cent in India's import basket before the start of the Russia-Ukraine conflict, Russia's share of India's imports rose to 28 per cent in January 2023.

Officials attending India Energy Week (IEW) 2023 here said India will continue to buy crude oil from anywhere in the world, including Russia, to meet its energy needs.

The executive body of the European Union has asked its 27 member countries to cap the price of Russian oil at USD 60 as part of the West's attempt to squeeze Moscow's oil revenues and limit its ability to wage war in Ukraine while keeping global prices and supplies steady.

"Unlike Iran and Venezuela, there are no sanctions on buying oil from Russia. So, anyone who can arrange for shipping, insurance and financing outside of the EU can buy oil," an official said.

The price caps are part of the EU's plan to use its clout in insurance and shipping industries to crimp Moscow.

"We will continue to buy oil from anywhere in the world, including Russia," he said.

Under the price-cap system that kicked in on December 5, companies shipping Russian oil outside of Europe would only be able to access EU insurance and brokerage services if they sell the oil at or under USD 60.

Industry sources said crude shipments being purchased by Indian companies were below the G7's price cap of USD 60 per barrel.

"So for all practical purposes, if I can send a ship, cover insurance and device a mode of payment, I can continue to buy oil from Russia," an official said, explaining how the mechanism works

"All options are on the table." For Russia to keep oil sales going, it and its buyers need to use ships, insurance and financing outside the jurisdiction of the G-7. The US is comfortable with Russia selling its oil outside the cap but using non-Western shipping, insurance and banking services, which will likely be more costly.

Russia's market share in January was an improvement over 26 per cent in December. Iraq, which was relegated to the second spot in October 2022, supplied some 20 per cent of all the oil India imported.

Saudi Arabia shipped 17 per cent while the US improved its share to 9 per cent from 7 per cent in December. UAE supplied 8 per cent crude. All three middle-east suppliers improved their market share by one percentage point each, which came at the expense of Africa, whose share fell from 9 per cent to 6 per cent in January.

The rising share of Russian crude sales to India has also taken a toll on the country's appetite for African crude. This, combined with a tighter market structure, as well as increased volatility in freight markets has led to the share of West African crude dropping from 12.5 per cent in 2021.

Russian crude traded at a record discount of up to USD 40 per barrel in the aftermath of Russia's invasion of Ukraine as key buyers in Europe shunned Moscow's oil. The bulk of Russia's crude exports flowed to refiners in Asia, with China and India being its key customers.

India's unwavering appetite for Russian crude lifts January inflows to record high

From a market share of less than 1 per cent in India's import basket before the start of the Russia-Ukraine conflict, Russia's share of India's imports rose to 1.27 million barrels per day in January, taking a 28 per cent share, according to energy cargo tracker Vortexa.

www.google.com

@Abu Shaleh Rumi

 

[Windjammer]

So @walterbibikow gets banned and @Lava820 returns...what next Tejas spokesperson.... What a bloody joke.
@Areesh