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China Is Key to Displaced Russian Oil’s Impact on Global Prices
Washington’s efforts to choke Russian oil flows to India are raising the question of what will happen to the millions of barrels a day that would otherwise have been headed to the subcontinent.
India’s state-owned refiners appear to be pulling back from spot purchases in the absence of official guidance from New Delhi, although what private processors will do is unclear. That potentially leaves a lot of oil — Russia sent about 1.7 million barrels a day to the South Asian nation last month — looking for a new home.