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.

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)