US Sanctions Cut Russian Crude for India by 66% in November; Refiners Face Shifting Supply Routes

Overview

US sanctions on Russian oil firms Rosneft and Lukoil have led to a drastic 66% drop in crude oil shipments to India during November. Indian refineries, cautious of the sanctions effective November 21, have reduced new orders and are expediting existing ones. Russian crude exports are increasingly using less transparent methods and rerouting. A significant reduction in Russian crude imports is expected in December and January.