Russian oil imports rise in March

AFTER THE STEEP decline following the latest US sanctions on Russia's oil trade, India's Russian oil imports have recovered sharply in March, thanks to the plentiful availability of Moscow's oil and it largely trading below the Western price cap of $60 per barrel.

- SUKALP SHARMA

This has ensured enough availability of non-sanctioned tankers to haul Russian crude to India.

The key reason for the ample availability of Russian oil for exports is the slump in Moscow's domestic oil demand following a fresh wave of Ukrainian drone strikes on various Russian refineries.

India's Russian oil imports have averaged 1.85 million barrels per day (bpd) in the first 21 days of March, sharply higher from February's 1.47 million bpd and January's 1.64 million bpd, per provisional data from commodity market analytics firm Kpler. Russian oil's share in India's oil import basket so far in March stands at a little over 35%, up from around 31% in February.