India has emerged as a top destination for Venezuelan and Iranian crude amid US sanctions, supporting demand for large crude tankers.
The world’s third-largest oil consumer has been able to leverage its geopolitical stance, soaking up cheap barrels from Venezuela and Iran as the two exporters struggle to find buyers.
“India has always tried to run its own independent foreign policy,” Banchero Costa head of research Ralph Leszczynski told TradeWinds.
