Saudi Arabia was the main buyer of Russia's Seaborne oil and vacuum gas (VGO) exports inNovember, according to London Stock Exchange Data. Reuters cited LSEG data as shown that Russian oil and VGO exports rose 6% month-on-month in November to around 4.26 million tonnes.Since the EU imposed a blanket ban on Russian Natural gas products in February 2023, Asian Countries have become the biggest buyers ofRussian natural gas and VGO.
India is not the largest buyer of Russian oil. As Russiacontinues to sell oil at a discount, India’s Russiancrude exports fell 55% in November, the lowest since June 2022, according to the Center forEnergy and Climate Research (CREA).
India has recently worked to increase its oil production:During a visit to Guyana last month, Prime MinisterNarendra Modi said his government viewed theSouth American country as a key to India’s energy security . Modi told a special session of Parliament That Guyana’s largest oil producer, ExxonMobil, was ready to supply large amounts of crude to India if it agreed to the deal.“There are some changes in timing and shipping because they are opting for very large ships that can carry 2 million barrels because of the distance and cost ,” Barratt said.
