Germany continues to import Russian oil through India
According to Germany's Federal Statistical Office, the country is still receiving a significant amount of Russian oil via an indirect route – through India
This information was reported by DER SPIEGEL.
From January to July this year, Germany's imports of oil products from India have surged, increasing twelvefold compared to the same period last year, as confirmed by authorities in Wiesbaden. It's worth noting that India is a substantial consumer of Russian crude oil.
The oil acquired from India primarily consists of gas oil, which is a crucial component in the production of diesel fuel and fuel oil. This gas oil is derived from the crude oil that India has been procuring in large quantities from Russia since the outset of the full-scale war.
It's worth mentioning that Germany had previously halted direct imports of oil from Russia. Additionally, Western nations have been attempting to influence the pricing of Russian oil on the international market by exerting pressure on shipping and insurance companies. However, according to journalists, this strategy has not yielded the desired results.
Russian oil: Production cuts and sanctions
OPEC+ is an informal group that includes countries from the International Organization of Petroleum Exporting Countries (OPEC), led by Saudi Arabia, and several OPEC member states, including Russia.
As of December 5, 2022, the embargo on Russian oil exports to the European Union officially took effect. Russian oil can now only be purchased at prices not exceeding $60 per barrel.
In March 2023, Russia committed to reducing its daily oil production by 500,000 barrels.
By April, all OPEC+ members had announced a collective cut in oil production of approximately 1.15 million barrels per day.
However, in May, Russian crude oil exports to global markets did not show any significant reduction in production as per Russia's earlier announcement.
On June 5, it was reported that Russia plans to reduce oil production in 2024.
In August, India, the world's third-largest oil consumer, decreased its oil imports from Russia to 1.57 million barrels per day, a 24 percent drop from the previous month and the lowest since January.
Acting Assistant Secretary of the US Treasury Eric Van Nostrand announced on September 4 that the price limit on Russian oil was still in effect and was reducing Moscow's income.
On September 6, Reuters, citing its sources, reported that the Group of Seven (G7) nations and their allies had postponed their regular review of the price ceiling for Russian oil, despite most of it trading above the limit due to the global rise in oil prices.