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Red Sea Issues Unlikely to Dent Russia’s Role as India’s Top Crude Source

OIL

Russia is likely to remain the largest crude supplier to India throughout early 2024, despite disruption to shipping in the Red Sea, Platts said.

  • Platts said that currently no India-bound Russian cargo has diverted from the Red Sea.
  • Russia currently has 43.7m bbl of crude on the water and bound for India. Of this, 19.2m bbl are positioned close to the Indian subcontinent and can be utilised in case of disruption.
  • The recent slowdown in Russia’s flows to India, driven by payment hurdles and logistical issues, should not dent the overall trend, Platts added. This is because Indian refiners have become accustomed to Russian grades such as Sokol.
  • Russia constituted the origin for 35% of India’s crude imports, equating to around 1.7m b/d.
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