Departure price data does not include the shipping and insurance cost that buyers have to pay to get crude to its final destination, therefore total savings may not have been as much. Using the date of departure of each shipment, The Times cross-referenced the type of crude oil flowing into India with corresponding price data from Argus Media, a commodity research firm.īased on prices set at departure ports, Indian crude buyers may have saved $5.8 billion to $14.7 billion. The Times analyzed oil shipment data from Kpler, a firm that tracks global trade, to find how much Russian crude was flowing into India. The data was filtered further to show only ships that left Russian waters and headed directly to an Indian port. Using this data, The Times was able to map the paths that ships leaving Russia took between January and May in both 20.īy comparing the path data with known port locations published in the World Port Index, The Times calculated when a ship stopped at a specific port. Tanker ship position data was provided by SynMax, a satellite data analytics company, using two commodity tracking platforms, Theia and Leviaton AI. From December to February, the refinery exported almost $3 billion worth of refined products to countries observing the price cap. The port of Sikka, which serves the Jamnagar Refinery, was both the largest global import point for seaborne Russia crude oil and the single biggest point of oil exports to the countries that had imposed the cap, the report said. The Center for Research on Energy and Clean Air, a research group based in Finland, published a report in April that highlighted the role of certain “laundromat” countries, which buy Russian oil, refine it into other products and sell it on to buyers in Europe, the United States and other jurisdictions that have halted direct purchases from Russia.Ĭhief among these countries named in the report was India, as well as China, Turkey, the United Arab Emirates and Singapore. India sells all of these products at market prices, earning revenue for its companies and bulking up the country’s reserves of foreign currency with dollars and euros. But a growing amount is funneled to the global market, starting with Southeast Asia, Africa and - increasingly - Europe and the United States. Some of what’s processed at these sites is used domestically. Note: Pipeline paths and refinery boundaries are approximate. That includes the European Union, which has banned direct oil purchases from Russia. In addition to stoking India’s economy, cheap Russian oil has given India a lucrative business refining that crude and exporting the products to other regions that suddenly need fresh energy supplies. This cheaper oil has found new markets - including India, which now purchases nearly two million barrels a day, roughly 45 percent of its imports, according to the International Energy Agency. In an effort to hurt Russia but keep global supplies steady, the West also imposed a cap on the price Russia could charge for its oil. The United States, Europe and other countries have imposed sweeping sanctions on Moscow. India’s purchases have put it strategically between Russia and the Western coalition backing Ukraine, as the world’s economic relationships continue to be rewired in the wake of the war. The ships are signs of a stark wartime phenomenon: Since fighting began, India has rapidly emerged as a primary buyer of Russia’s vast supply of crude oil.
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