India’s Russian crude imports hit 5-month high in November

India’s imports of Russian crude oil rose 4 per cent in November to a five-month high of Euro 2.6 billion, with a large part of the refined fuels produced from it being exported to Australia, a European think tank said.

- OUR CORRESPONDENT

India remained the second-largest buyer of Russian fossil fuels in November behind China, according to the Centre for Research on Energy and Clean Air (CREA).

It had spent Euro 2.5 billion on buying Russian oil in October.

China has bought 47 per cent of Russia's crude exports in November, followed by India (38 per cent), Turkiye (6 per cent), and the EU (6 per cent).

“India’s Russian crude imports recorded a 4 per cent month-on-month increase to the highest volumes in five months, even as overall import volumes remained stable,” CREA said. “In fact, India’s purchases may well record another increase in December, as cargoes loaded before the US Office of Foreign Assets Control (OFAC) sanctions kicked in are delivered through the month”