India's crude oil imports rose to a five-month high in December, government data showed on Monday, as refiners stocked up discounted Russian fuel amid a steady increase in consumption in the country, reports Reuters.
Crude imports for the month were up 2.7 per cent from November at 19.52 million tonnes, according to data from the Petroleum Planning and Analysis Cell. On a yearly basis, imports were down 0.7 per cent in December.
Russia continued to be the top oil supplier to India in December, shipping a record 1.25 million barrels per day (bpd).
Oil product imports rose to 4.12 million tonnes in December from 3.74 million tonnes in November. Exports also rose to 5.83 million tonnes, with diesel accounting for 2.41 million tonnes.
"Russia sells its oil to other clients (primarily in Asia), while Europe/the G7 buy their crude/refined products from other countries. The re-routing of these flows has resulted in a sharp increase of oil in transit on tankers," UBS analyst Giovanni Staunovo said.
The European Union has agreed a full ban of Russian oil products imports from February 2023 in an attempt to cut Russia's revenues for its war in Ukraine.
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