In September, Indian refiners are not expected to buy any ESPO crude from Russia because of the higher shipping rates. African and Middle East crude becomes more attractive as shipping rates on long voyages have jumped. This shift in India buying comes just a few months after Russia overtook Saudi Arabia to become India’s second-largest supplier of crude oil. India, which has been buying large volumes of Russian crude since the Russian invasion of Ukraine to take advantage of cheap oil, is set to slow purchases of Russian oil this month and look to more African and Middle Eastern supply as shipping rates on longer voyages have jumped. Before the war in Ukraine, India was a small marginal buyer of Russian oil. After Western buyers started shunning crude from Russia, India became a top destination for Russian oil exports alongside China. Indian refiners haven’t expressed hesitation to deal with […]