The first setback between russia and India..!?

India's oil imports have started to be affected by the sanctions imposed by the US government on the Russian energy and oil sector. The central government-controlled oil refining company bharat petroleum corporation limited seems to be facing problems in getting enough ships to buy Russian oil required for March. On january 10, the US government imposed comprehensive sanctions on the Russian energy sector. This includes sanctions on major Russian oil producers Gazprom Neft and Surgutneftegaz, the blacklisting of 183 ships involved in Russian fuel exports, and restrictions on various traders, service providers, tanker owners, insurance companies, and energy officials.
These sanctions have significantly affected India's ability to sell Russian oil. In particular, when the sanctions were announced, indian refiners were engaged in negotiations for march orders. It is expected that the amount of crude oil purchased from russia will decrease by up to 20 percent due to these sanctions. Vetcha ramakrishna Gupta, CFO of Bharat Petroleum, said that although Russian oil is being purchased as usual for january and February, it is a big challenge to get enough ships to buy oil for March.

With this, it is expected that not only Bharat Petroleum but also indian oil companies will be less dependent on Russian oil in the coming period. This problem can be easily fixed by bringing new ships on this route as an alternative. But this will take some time. In the October-December quarter, about 31% of the total crude oil imported by Bharat Petroleum was Russian oil. However, this figure is expected to drop to 20% in march due to the current sanctions. It is worth noting that in early april 2024, Russian oil accounted for 34-35% of BPCL's imported crude oil.
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Sowmiya Sriram

23/01/2025 09:12 PM