Whalesbook
Russian oil shipments to India have plummeted by two-thirds in November, averaging 672,000 barrels per day compared to 1.88 million bpd in October. This sharp decline is driven by Indian refiners' increased caution following U.S. sanctions on major Russian crude exporters, Rosneft and Lukoil. Shipments to other key buyers like China and Turkey have also seen significant drops. Russian exporters are resorting to opaque logistics and shadow fleets to circumvent sanctions, but a further reduction in flows to India is anticipated in the near term.