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India remains top buyer of Russian oil with 70% cargoes in Jan

Updated: Jan 25, 2023 07:33:45am
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India remains top buyer of Russian oil with 70% cargoes in Jan

New Delhi, Jan 25 (KNN) Filling the void left by EU buyers, India has been a top buyer of Russian crude oil with around 70 per cent of January cargoes of Urals oil heading to India, reported Reuters.

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As sellers try to meet strong demand in Asia and benefit from rising global energy prices, Urals and KEBCO crude oil loadings from Russia's Baltic ports of Primorsk and Ust-Luga are set to rise by 50 per cent this month from December.

Amid active buying of the Russian oil, India's oil imports jumped to a five-month record in December.

China, which is seen as the second largest buyer of Urals in January, is also raising oil purchases in physical markets.

Oil prices rose by around 1 per cent on Monday to a seven-week high as the market expected economic recovery in top oil importer China this year.  (KNN Bureau)

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