India has significantly boosted its purchases of Russian oil, leading to a redirection of tankers originally bound for China towards Indian ports. The Aframax tanker Aqua Titan, which was initially headed to Rizhao in China, is now en route to New Mangalore carrying Urals crude, scheduled to arrive on March 21. This shift occurred after the United States permitted India to temporarily increase its imports of Russian oil.
The surge in Indian refiners’ purchases amounts to about 30 million barrels of Russian crude within a week, a move aimed at addressing supply concerns following disruptions in Middle Eastern oil flows due to the Iran-related conflict. Notably, multiple tankers carrying Russian oil have altered their course from China to India in recent weeks, with all major Indian refiners actively seeking Russian crude, signaling India’s resurgence as a significant buyer for Moscow.
Another vessel, the Suezmax Zouzou N., is en route to India’s Sikka port, carrying CPC Blend crude from Kazakhstan and expected to dock on March 25. Originally departing from Novorossiysk in Russia’s Black Sea region with Rizhao as its destination, the tanker changed its course in early March. The relaxation of restrictions has also enabled countries like Japan and South Korea to resume their purchases of Russian oil, potentially leading to a rise in global oil prices in the near future.
