Kuwait inched ahead of the US as the fifth largest supplier to India with a 4% share in December, up from 3.4% in November. The share of the US fell to 3.6% in December from 4% in the previous month.India's imports of Russian crude in December were the lowest in 11 months, with the largest declines from Urals and Sokol crude, according to Vortexa. "Lower Russian Urals arrivals into India are partially caused by disruptions in Russian Black Sea port loading operations due to bad weather conditions in November," said Serena Huang, an analyst at Vortexa. Some Russian oil tankers haven't been able to discharge at Indian ports probably due to G7 sanctions that bar western ships from carrying Russian oil priced above $60 per barrel. Urals, currently selling below $60 per barrel, has been the mainstay of India's Russian oil imports.

Source: Economic Times January 06, 2024 10:56 UTC