Russian Oil Tankers Divert to India

A significant shift in global crude flows is underway as India sharply increases its purchases of Russian oil. Several tankers, including the Aqua Titan and Zouzou N., originally bound for China, have made U-turns in the South China Sea and are now heading to Indian ports. This comes after the United States issued a temporary waiver allowing India to boost Russian oil imports to offset supply disruptions from the Middle East due to the war involving Iran. Indian refiners quickly secured approximately 30 million barrels of Russian crude in one week. Data from Vortexa Ltd. indicates at least seven such diversions. This trend is also fueled by the return of other buyers like Japan and South Korea to the Russian oil market, which is expected to drive up oil prices.