If additional demand arises, Russia is ready to increase supply volumes. This was stated by Deputy Prime Minister Alexander Novak, emphasizing that Russian raw materials remain in high demand on the global market.
India shows the greatest potential for increasing purchases. In the near future, the country can accept about 22 million barrels of Urals oil. Seagoing vessels with cargo are already concentrated in the Arabian Sea and the Bay of Bengal – in close proximity to Indian oil refining facilities.
An additional incentive to intensify trade was the temporary easing on the part of Washington. The US Treasury has issued a license allowing India to purchase for 30 days Russian oil, which is already on its way. The American department explained that this step is aimed at maintaining balance in the global oil market in the context of the worsening situation in the Middle East.
Indian processors have already started resuming purchases. State-owned refineries have contracted about 10 million barrels. If the dynamics remain, total imports can quickly reach 2 million barrels daily – these are the figures recorded in mid-2024.
The Kremlin chose not to detail the exact export figures. Presidential press secretary Dmitry Peskov explained that excessive openness in this matter is undesirable due to the large number of ill-wishers who could use the information to counter trade transactions.
Thus, Russian oil continues to confidently hold its position in the Asian market despite sanctions restrictions. India, being one of the key importers, is demonstrating its readiness to increase purchases, and the prompt decision of the American Ministry of Finance only accelerates this process. For the global market, the current situation serves as a factor of additional stability against the background of tensions in the Middle East.
Source: @careernews
Image: Parth Sanyal
