Russian oil tanker ‘hurries’ to India, ditching China:New Delhi doubles down on Moscow crude amid global energy crisis

An oil tanker loaded with oil traveling from Russia to China took a U-Turn in the South China Sea and will soon reach the New Mangalore Port, Karnataka, by March 21. The move comes during a time when sanctions on purchasing Russian oil have been lifted by the US. The ship, identified as the Aqua Titan, was initially loaded at the Baltic Sea port in late January, according to ship-tracking data. Increase in India’s oil imports The removal of sanctions has increased India’s oil imports by New Delhi from Moscow. Indian refiners have imported a whopping 30 million barrels of Russian oil in the week that followed the concession, a move aimed to help the nation cope with lost Middle Eastern supplies due to the war in Iran. How does this affect China? Since the removal of sanctions, several countries have been allowed to resume purchases from Russia. Such a move, in a way, deflects imports and business away from China, which has served as Moscow’s importer of last resort in recent months after India reduced purchases. The return of oil buyers in such a way, including those in Japan and South Korea, is likely to push prices higher. At least seven tankers carrying Russian oil have switched their destinations mid-voyage from China to India, according to Vortexa Ltd. Another ship is expected to reach India While India waits to welcome Aqua Titan, another oil tanker titled Suezmax Zouzou N has signalled that it will reach India’s Sikka Port, Gujarat, by March 25, ship-tracking data shows. The tanker is carrying Kazakh CPC Blend crude, according to Kpler. It had sailed from Novorossiysk on Russia’s Black Sea to the waters off Rizhao, before turning around in early March to make its way to India.