Russian Crude flows to India are expected to reach 3.36 million metric tonnes in May, according to estimates from Refinitiv. Overall, the country has received 4.8 million metric tonnes of discounted Russian oil since the Ukraine war started, Refinitiv added. Part of the reason for the price disparity: The West has shunned Russian oil. On Monday, the EU agreed to ban 90% of Russian oil imports by the end of the year. China, historically the single biggest buyer of Russian oil, is expected to go on a shopping spree, too.
Source: Egypt Independent May 31, 2022 19:54 UTC