There’s been a “significant uptick” in Russian oil deliveries bound for India since March after Russia’s invasion of Ukraine, industry observers say.
Russia has also supported India on crucial issues such as the dispute with China and Pakistan surrounding the territory of Kashmir.
For its part, India has taken on a tone of defiance."Countries with oil self-sufficiency or those importing themselves from Russia cannot credibly advocate restrictive trading," a government official said two weeks ago, according to Reuters. The Asian giant is already the largest single buyer of Russian oil, and bought an average of 1.6 million barrels per day of Russian crude in 2021,"China is still importing Russian oil, but would likely increase its purchases if it can pay in yuan and at discounts. Basically, Russia is pressured because it is having some difficulty selling its oil," Wald told CNBC in an email.
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