India regains appetite for Russian oil as imports grow in November after early fall: Report

India-bound tankers saw an average loading of 1.27 million barrels per day (bpd) in November, compared to 627,000 bpd reported in the first 17 days of the month, the report said citing Kpler.

India’s oil imports from Russia rebounded significantly after the shipments had sharply declined in the first half of November due to US sanctions, a report by The Economic Times said on December 3.

The sharp recovery in oil shipments show Russian suppliers are finding alternate ways to send cargoes and a new sense of confidence among Indian refiners, the report said.

India-bound tankers saw an average loading of 1.27 million barrels per day (bpd) in November, compared to 627,000 bpd reported in the first 17 days of the month, the report said citing Kpler.

However, the November figure was still below October’s 1.84 million bpd as firms tried to beat the November 21 deadline set by the US for Russian oil shipments.

The US had banned two Russian oil majors Rosneft and Lukoil to target Moscow’s funding of Ukraine war, affecting India’s oil imports.

Russia showed flexibility in sending its shipments with ship-to-ship transfers near Mumbai, mid-way diversions and increase in discounts to keep the cargoes moving, the paper said.