Russia continues hold on Indian oil supplies; West's price cap threat looms

India will be unable to use Western tankers and insurance if it refuses to adhere to price cap

Russia continued to exercise its dominance over India's crude oil market for the third consecutive month in November, surpassing traditional West Asian suppliers Iraq and Saudi Arabia, according to data from western commodity analytics firms and Indian customs. Proposed sanctions by the US and EU on Russian oil from early December may blunt the competitiveness of Russian grades after discounts played a key role in Russia’s surging share of the Indian fuel market.

Russia shipped around 909,400 barrels a day of crude to India in November, up by around 7,000 barrels a day from October, according to data as of