With crude oil prices falling to a 4-month low in the international market, the Indian economy is expected to get a shot in the arm.
Vessel tracking data suggest that the demand for Russian crude oil seems to be picking up, especially among India, China, and Turkey, according to media reports.
The three countries have been Russia’s most reliable buyers of its crude during its ongoing conflict with Ukraine amid sanctions threat, reports said.
Shipments of crude oil leaving Russian ports marked for ambiguous locations, seem to be ending up either in India or even in China, reports quoting vessel tracking data said.
They further added that in recent weeks, demand from Turkey for Russian crude has also gone up.
India has consistently sought a supply of discounted Russian oil ever since the Ukraine conflict broke out in February this year.
However reports further added that not much time is left for Russia to export its crude as sanctions by European Union would set in from December 5, depriving vessels carrying Russian crude, of insurance and other benefits.
So crude shipments from Russia would have to leave for these nations by next week before sanctions deadlines set in, reports added.