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India’s reliance on Russian oil may be ‘approaching a limit’



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An oil refinery, operated by Bharat Petroleum Corp., in Mumbai, India.Dhiraj Singh | Bloomberg | Getty ImagesIndia’s ability to import more Russian oil may have hit a limit for the rest of the year, analysts tell CNBC, citing infrastructural and political constraints, as well as limitations to Russian oil flows.”India will look to continue Russian crude imports, but perhaps it has reached its limit, hampering any additional barrels,” according to Janiv Shah, senior analyst at Rystad Energy.Since the Kremlin’s invasion of Ukraine in February last year, India’s refiners have been snapping up discounted Russian oil.Moscow has since leapfrogged to become India’s leading source of crude oil, accounting for about 40% of India’s crude imports. June marked the 10th consecutive month-on-month increase in India’s imports of Russian crude, data from commodity intelligence firm Kpler showed.”An unprecedented feat in recent history, especially given the volumes in question — 2.2 million barrels per day in …

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