India’s intake of Russian crude oil has soared 50-fold since April and, to date, makes up a tenth of the subcontinent’s imported oil, the Economic Times reported today, citing a senior government official. Some 40 percent of the total Russian oil imports are going into private refineries, the report noted. Earlier this month, data showed India’s imports of Russian crude over the first quarter of this year alone were five times higher than all the Russian crude India imported in 2021. Also this month, Bloomberg reported that some of the largest Indian refiners were looking to negotiate six-month supply deals with Russia’s oil giant Rosneft amid lower sales to Western buyers as a result of economic sanctions against Moscow. It seems, however, that those lower sales to Europe, at least, are more perceived than actual, at least in refined products. Energy Intelligence reported this week that European buyers are […]