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agencies Kpler and LSEG shows. Russia remained India's top oil supplier in April followed by Iraq and Saudi Arabia, the data showed. The world's third biggest oil importer and consumer, India raised purchases in April by 13-17% compared to previous months, the data shows. In May its imports of Russian oil are expected to decline to 1.1mn barrels per day from 1.75mn bpd in April, LSEG data showed.
Total fuel consumption in India rose to 19.8mn tonnes per month, marking a 6% increase, with consumption in March also up by a similar 5%, according to data published by the Petroleum Planning and Analysis Cell (PPAC) of the Ministry of Petroleum. The main drivers of demand growth have been the revival of industry and freight transportation. According to analysts, including those from Bernstein, India is expected to become the world's leading fuel consumer by the end of the decade, surpassing China in consumption volumes.
In February, refiners in India, Moscow’s second-biggest customer after China, shunned crude delivered on the company’s tankers.
Moscow bagged €3bn through a sanctions loophole that allows Turkey to relabel Russian oil and ship it to the EU.
The scheme is possible because of a workaround in Brussels sanctions that allows “blended” fuels into the EU if they're labeled as non-Russian. It’s a lucrative loophole, with research showing it generated up to €3bn for Moscow from three ports alone in the 12 months after the EU banned Russia’s fuels in February 2023.
Between February 2023 and February 2024, Turkey boosted its Russian
161 RUSSIA Country Report June 2024 www.intellinews.com