Tankers Redirect from China to India as Russian Oil Demand Surges
Synopsis
Key Takeaways
New Delhi, March 18 (NationPress) India's acquisition of Russian oil has seen a significant uptick, leading numerous tankers, initially en route to China, to alter their paths and head towards Indian harbors instead. One notable vessel, the Aframax tanker Aqua Titan, is anticipated to dock at New Mangalore on March 21, transporting Urals crude, as reported.
This ship had originally aimed for Rizhao in China after loading oil from a Baltic Sea port in late January.
However, a sudden decision in mid-March saw it turn around in the South China Sea and redirect towards India, according to the report.
This development follows the United States granting India temporary permission to increase its imports of Russian oil.
In response, Indian refiners quickly escalated their purchases, acquiring around 30 million barrels of Russian crude within just one week.
This buying surge aims to alleviate supply concerns stemming from disruptions in Middle Eastern oil deliveries due to ongoing tensions involving Iran.
The trend is broader than one tanker; data from analytics firm Vortexa indicates that at least seven vessels carrying Russian oil have shifted their routes from China to India in recent weeks.
With major Indian refiners actively pursuing Russian crude once more, India seems to be reclaiming its status as a critical buyer for Moscow, as reported.
Additionally, another tanker, the Suezmax Zouzou N., is also making its way to Sikka port in India, expected to arrive on March 25.
This vessel is carrying CPC Blend crude from Kazakhstan. It had previously departed from Novorossiysk in Russia’s Black Sea region and was initially destined for Rizhao before changing its course in early March.
Meanwhile, the easing of restrictions has permitted other nations, including Japan and South Korea, to resume their purchases of Russian oil.
Experts believe this renewed interest from various buyers could lead to an increase in global oil prices in the near future.