Shutterstock Save for later Print Download Share LinkedIn Twitter India has been gorging on cheap Russian crude lately and would like to keep doing so — even with the G7 price cap looming on Dec. 5. But it is also prepared to walk away from Russian barrels, which played a negligible role in Indian refiners' crude slate last year, if the trade becomes too risky. That makes India, the world's third-largest oil importer, a real wild card for the future of the Russian oil trade, with implications for global oil markets. Russia emerged as India’s top crude supplier last month, shipping over 900,000 barrels per day, or a fifth of Indian's supplies, as refiners were drawn to the deep discounts that Moscow is offering as it seeks to divert supplies away from the EU, which will ban Russian seaborne crude imports from Dec. 5. India fears that the loss of cheap Russian barrels could undermine its economic growth and jeopardize its energy security. Foreign Affairs Minister S. Jaishankar said in Moscow last week that “it is [a] fundamental obligation to ensure [the] Indian consumer has the best possible access on the most advantageous terms to international markets.” The Indian daily the Indian Express reported on Sunday that India had decided not only to keep dealing with Russia but also double its trade with Moscow in the "near foreseeable future."
