World News
Three Trading Firms Now Dominate Russian Oil Exports to India: Report
Thursday December 5, 2024
Just three firms reportedly now manage the majority of Russian oil sales to India, shutting out smaller companies.
Dubai-based Litasco Middle East, Hinera Trading and Black Pearl Energy Trading now handle the majority of Russian crude sales to India, news agency Reuters reported on Thursday, citing customs and shipping data.
At least 10 intermediaries per month were handling the trade last year, according to the report.
Companies including Dubai-based Starex Trading and Pontus Trading are no longer offering these cargoes.
India became the largest buyer of Russia's seaborne crude after the Russian invasion of Ukraine in 2022. India currently buys 1.8-2 million b/d of Russian crude, taking up more than a third of its imports.
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