India is top destination for 'grey fleet' oil shipments from Russia

Strong Demand

- ARUNIMA BHARADWAJ

INDIA HAS EMERGED as the top destination for grey fleet oil shipments, receiving nearly 64 million tonne (MT) or 9.5% of total global oil flows — via 'shadow' vessels from Russia in 2024, according to a report by global real-time data and analytics provider Kpler. This underscores the country's growing appetite for Russian crude.

At 9.5%, India has surpassed China in its reliance on Russian oil transported through the grey fleet, highlighting a strong demand for discounted barrels even as international sanctions on Russia remain in force.

In 2024, the vast majority of petroleum product shipments—both dirty and clean (DPP and CPP)—were carried by white-listed fleets, which handled over one billion tonne of cargo. However, grey fleets accounted for 109.2 MT, or about 10% of global flows, particularly in routes involving politically sensitive or sanctioned regions, Kpler reported.