Sri Lanka may be compelled to buy more oil from Russia as the island nation hunts desperately for fuel amid an unprecedented economic crisis, the newly appointed Prime Minister said. 

Prime Minister Ranil Wickremesinghe said he would first look to other sources but would be open to buying more crude from Moscow. Western nations largely have cut off energy imports from Russia in line with sanctions over its war on Ukraine. 

He acknowledged that Sri Lanka's current crisis was of its own making. 

South Africa may resort to buying Russian oil as higher prices bite

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Jet fuel (ATF) price hiked by 16.3% to an all-time high of ₹1.41 lk/kL in India. The ATF price has nearly doubled in 2022, up 91% in the last six months. 

U.S. crude oil imports averaged 7.0 mln bpd last week, +800,000 bpd vs the previous week; last 4 weeks crude oil imports averaged 6.5 mln bpd, +2.2% vs year-ago period. 

This could be to meet summer demand and also to replenish the strategic reserves. 

OPEC expects the pace of oil demand growth to halve next year as inflation and conflict grip the global economy. 

The Biden administration announced the release of another 45 million barrels of crude oil from the Strategic Petroleum Reserve. US Reserves have now drained to a 35-year-low. US has been increasing production as well as imports to replenish this gap. 

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