China and India are diversifying their crude oil imports away from Russia and Iran due to tightening Western sanctions and expected supply disruptions.
The top buyers of Russia n and Iran ian crude in Asia, China , and India , have been buying more crude from the Middle East and Africa, expecting fresh sanctions on Iran and Russia to cripple supply from these two exporters, traders have told Bloomberg. In the past few weeks, supply of Russia n and Iran ian crude has declined amid tighter Western sanctions, which have also driven up the prices of the oil from Iran and Russia .
The prices of Oman and Dubai crude jumped to a rare premium over Brent in recent weeks, as demand for Middle Eastern oil has increased in China and India, key Iranian and Russian buyers. Iran’s oil is increasingly finding its way into floating storage offshore Southeast Asia instead of at customers as a recent raft of U.S. sanctions on tankers shipping Iranian oil has made Chinese buyers more careful.
India Oil Imports Russia Iran Sanctions Supply Disruptions Middle East Crude Oil Diversification
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