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The imports, tracked by Kpler and Vortexa, came as the prospect of declining demand from India, one of the main buyers of Russian crude, has depressed prices of the western-sanctioned oil, sales of which are vital in helping fund the war in Ukraine.
The move to redirect some crude oil initially allocated for export may increase the oil and gas trade deficit, experts warn, urging the government to diversify the downstream oil and gas industry in order to offset potential revenue losses from reduced exports.
The government acknowledged that the country’s downstream industry is lacking depth, with processed goods often sold at or near their raw form, citing the necessity for additional investment to continue further down the line.
