Russia remains top oil exporter to India for third month in a row

Newly published figures from the energy intelligence firm Vortexa indicate that Russia remains the top oil exporter to India for the third month in a row in December 2022.

As the Telegraph India reported, citing Indian energy officials, the Western price cap of $60 per barrel on Russian seaborne oil has had little impact on exports to India as the present price is between $53-$56 per barrel.

Russia has been supplying 1.17 million barrels a day (mbd) of crude oil, which is an all-time high, as Vortexa data shows. 

Imports in December were 24% higher than in November, with the private sector refiners being the major buyers

Meanwhile, Russia has restored "ONGC Videsh"’s 20% stake in its "Sakhalin-1" oil and gas fields in the far east of the country, close to Japan, as confirmed by officials of state-owned exploration firms. 

The publication recalls, that Vladimir Putin in October 2022 disbanded Exxon Neftegaz, a regional subsidiary of US oil titan ExxonMobil,  as operator of the "Sakhalin-1" field and transferred the project and all of its assets and equipment to a new operator.