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Russian Crude Dilemma: India Faces Sanctions Deadline
19 Nov
Summary
- 7.7 million barrels of Russian crude are en route to India.
- Sanctions deadline is November 21st, creating import uncertainty.
- Major Indian refiners may halt Russian oil deliveries post-deadline.
As the November 21st deadline for US sanctions on Russian oil producers looms, India faces a critical juncture. At least 7.7 million barrels of crude from Rosneft and Lukoil are currently en route to Indian refineries, including those operated by Reliance Industries and Nayara Energy.
The impending sanctions cast doubt on the smooth discharge of these significant oil shipments. Many of India's major refiners, previously reliant on Russian supplies, have declared they will cease taking delivery of sanctioned crude after the Friday deadline.
This situation could lead to vessels idling off India's coast, prompting potential diversions or ship-to-ship transfers. The outcome will significantly influence global oil trader assessments of near-term demand for alternative crude sources.
