Refiners shift focus to LatAm, Africa to replace Russian oil

CRUDE OIL IMPORTS from Latin America and Africa rose marginally in February as refiners turned to alternative sources, fearing a loss of Russian oil supplies caused by tighter US sanctions, data from trade sources shows.

- NIDHI VERMA

India became the biggest buyer of Russian seaborne oil sold at a discount after Western nations imposed sanctions on Moscow for its invasion of Ukraine in 2022.

In February, imports of Russian oil fell 3% from January to about 1.54 million barrels per day (bpd), with Moscow's share in New Delhi's overall crude purchases shrinking to the lowest since January 2024, the data shows.