India to make Russia its number one oil supplier in move that could scupper impact of price cap

Exclusive: Analysts tell The Independent that India is now expected to overtake EU as largest importer of Russian crude following European ban

Shweta Sharma
Thursday 08 December 2022 17:01 GMT

Related video: Ukraine calls out India for ‘buying cheap oil while we are suffering’

Russia is on its way to becoming India’s top oil supplier this month in a move that will likely undermine the impact of a price cap imposed by G7 countries and their Western allies.

Russian crude oil loadings bound for India climbed to the highest level in November as refiners purchased more than 1 million barrels per day (bpd), according to data provided to The Independent by commodities tracking firm Kpler.

The Narendra Modi-led government has been snapping up crude at discounted rates from Russia since the Ukraine invasion, as Western nations looked to pivot away from their reliance on Moscow for energy supplies.

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