US crude exports to India hit over 2-yr high in February as Russia sanctions bite

India said last month its energy purchases from the US could go up to $25 billion in the near future from $15 billion last year. Reuters

US exports of crude oil to India last month climbed to their highest in over two years, ship tracking data showed, as refiners in the country sought alternative supplies following tighter U.S. sanctions on Russian producers and tankers.

The US exported about 357,000 barrels per day (bpd) of crude to India, the world's third-biggest oil importer and consumer, in February, ship tracking data from Kpler showed. That compared with exports of about 221,000 bpd last year.

The jump in exports to India underscores how multiple rounds of sanctions imposed by Washington on ships and entities dealing with oil from Iran and Russia since October are disrupting trade with major importers of their oil.

India said last month its energy purchases from the US could go up to $25 billion in the near future from $15 billion last year.

"Indian refiners are trying to diversify their crude supplies, especially light-sweet barrels," said Rohit Rathod, a senior analyst with ship tracking firm Vortexa.

"Sanctions on Russian vessels that came in recently only pushed Indian buyers to look elsewhere," he added.

About 80% of the crude exported to India was light sweet West Texas Intermediate-Midland crude, according to the data.

Top buyers included Indian Oil Corp, Reliance Industries and Bharat Petroleum Corp, according to the data, while top sellers in the U.S. included oil producer Occidental Petroleum, majors Equinor and Exxon Mobil and trading house Gunvor.

The companies did not immediately reply to requests for comments or declined to comment.

The U.S. also exported a record 656,000 bpd of crude to South Korea in February, as a 10% tariff on U.S. oil by China rerouted flows.

Exports to China from the United States eased to 76,000 barrels per day, among the lowest volumes in the last five years.