BREAKING: $ESP
🇮🇳 India steps back from Russian oil under pressure
After mounting threats from the 🇺🇸 United States, India has sharply reduced its imports of 🇷🇺 Russian crude oil.
📉 Key shifts in the oil flow:
Russian oil imports to India cut from ~2.0 mb/d → 1.1 mb/d
Further reduction target: ~800k b/d
This marks a major change from recent months, when India was a top buyer due to deep discounts, especially at the Jamnagar refinery
🗺️ What’s happening now?
Most Russian crude tankers are being rerouted to 🇨🇳 China
China is using this cheap Russian oil to offset shortages from lost Venezuelan supply
⚠️ Big picture: Despite attractive pricing, India has chosen to comply with U.S. pressure — reshaping global crude flows and giving China a strategic advantage in energy sourcing.
🔍 Macro geopolitics driving crypto & commodity volatility — stay alert.
