Yahoo Finance
Indian crude imports set several records in June.
Total inflows reached about 5 million b/d, the highest level ever recorded for the month.
Of that, 2.6 million b/d came from Russia, equivalent to 54% of India's total crude imports and ahistoric recordfor Russian-Indian trade.
Russian supplies, which had fallen to around 1.1 million b/d in February under sanctions pressure from Washington, more than doubled within four months andbecamea key pillar of India's energy-security strategy.
India's overall import volume suggests refiners have largely compensated for the collapse in Gulf supplies caused by the disruption in the Strait of Hormuz.
This mattered greatly because the country's SPR system remainsextremely limited.
Even when fully stocked, it can cover only around 9-10 days of normal domestic crude demand, versus the 90-day benchmark based on previous average net oil imports, as suggested by the IEA.
India's weaker import volumes in March-May were therefore caused by scarce availability rather than by a deliberate effort to avoid high prices (as China appeared to do).
Since the closure of the Strait, New Delhi has been searching for ways to replace Gulf-origin crude, which accounted for 52% of Indian imports in February.
Iraq supplied roughly 1/5 of India's crude in February, but then virtually disappeared from the import mix for three months.
Only in late June did the first cargo from Iraq's Basrah terminal (loaded in February and since than trapped in the Gulf) reach India's west coast.
Kuwait disappeared entirely after the closure, having supplied around 150,000 b/d in February, while Saudi Arabia fell from India's second-largest supplier, at around 1 million b/d in February, to just 330,000 b/d in June.
| Product | Price | Change |
|---|---|---|
| Brent Crude | $102.14/bbl | +0.34% |
| WTI Crude | $96.90/bbl | +0.21% |
| EN590 Diesel | $846/MT | +0.18% |
| Jet Fuel A-1 | $1090/MT | +0.55% |
| Mazut M100 | $450/MT | -0.15% |
| Bitumen 60/70 | $470/MT | +0.08% |
| Sulphur Gran 99.5% | $470/MT | -0.44% |
| Urea 46% Gran | $650/MT | +1.12% |
| NPK 16-16-16 | $460/MT | -0.28% |
| Nat Gas TTF | $15.42/MMBtu | +0.92% |
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