A Russian Oil tanker filled with oil that was on its way to China has turned around in the South China Sea and is now rushing to India. This change follows India’s decision to boost imports from Moscow.
Russian Oil tanker divert to India
The Aqua Titan expected to reach New Mangalore on March 21 with its Urals cargo, which it loaded at a Baltic Sea port in late January, according to ship-tracking data. The Aframax vessel originally planned to dock at the Chinese port of Rizhao but changed course in Southeast Asian waters in mid-March. This alteration came just days after the US allowed India to temporarily increase its Russian oil purchases.
In the week following this decision, Indian refiners bought an impressive 30 million barrels of Russian oil. This strategy aimed to help India manage the loss of Middle Eastern supplies due to the conflict in Iran.
Buyers return, price increase
Since then, other countries also given the green light to start buying from Russia. This allows for more oil to redirected from China, which has recently acted as Moscow’s last resort for imports after India cut back. The return of buyers, including from Japan and South Korea, is likely to drive prices up.
At least seven tankers carrying Russian oil have altered their destinations mid-voyage from China to India, according to Vortexa Ltd. All of India’s major refiners are now in the market for the country’s crude.
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