India’s Russian Oil Imports Slide From Record High as Supply Tightens
India’s crude oil imports from Russia have eased so far this month from July’s record high, as Ukrainian attacks on Russian export infrastructure and competition from China for Russia’s barrels have dented Indian intake of Moscow’s oil. India’s imports of Russian oil hit a new all-time high in July and accounted for more than half of total Indian crude oil imports.
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Key Facts
- Fact 1: India’s crude oil imports from Russia rose to 2.8 million barrels per day (bpd) in July, up from the previous high of 2.7 million bpd in June, for the highest average monthly volume ever, according to vessel-tracking data by Kpler.
- Fact 2: In August, India’s imports of Russian crude oil are set to decline to about 2 million bpd, Sumit Ritolia, Manager Modelling Refinery and Oil Markets at energy flows analytics firm Kpler, told Bloomberg on Wednesday.
- Fact 3: Going forward, India’s purchases from Russia are set to stabilize at a level of just above 2 million bpd, according to Ritolia.
India’s crude oil imports from Russia have eased so far this month from July’s record high, as Ukrainian attacks on Russian export infrastructure and competition from China for Russia’s barrels have dented Indian intake of Moscow’s oil. India’s imports of Russian oil hit a new all-time high in July and accounted for more than half of total Indian crude oil imports.
India’s crude oil imports from Russia rose to 2.8 million barrels per day (bpd) in July, up from the previous high of 2.7 million bpd in June, for the highest average monthly volume ever, according to vessel-tracking data by Kpler. In August, India’s imports of Russian crude oil are set to decline to about 2 million bpd, Sumit Ritolia, Manager Modelling Refinery and Oil Markets at energy flows analytics firm Kpler, told Bloomberg on Wednesday. Going forward, India’s purchases from Russia are set to stabilize at a level of just above 2 million bpd, according to Ritolia.
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Original source: OilPrice.com