More than 15 million barrels of oil is floating towards India from Russia and will reach India within two days. India can fast fix the Middle East crisis and can maintain stable oil supply to all the continents.
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The crude is barreled in more than dozen tankers in Bay of Bengal and Arabian Sea. Bloomberg also confirmed, the cargos unsold or without the details of destination are all channeled to India. Even the major quantities which started navigating little later, will reach India in not more than a weeks’ time.
One more consignment of eight vessels carrying 7 million barrels of Russian Urals Oil has started from Singapore, will reach India within a week. Apart from these many shipments there are cargos moving through Mediterranean Sea and Suez Canal, will possibly reach within a month, thus maintaining the supply continuous and consistent.
It’s obvious now, US has nothing to do with India’s buying oil from Russia, US’s waiver of 30 days came yesterday and we are receiving the first shipment within two days. If India had stopped buying due to US pressure, these shipments would not have reached so fast.
Sumit Rotolia an analyst at the data intelligence firm confirmed, all previous Indian companies like Nayara have started ramping up purchasing again and will be booking 2 million barrels a day in the near future. India has confirmed the booking of 10 million barrels with the premium brand of Russia, Ural oil.