India’s Russian Oil Imports Slide From Record High as Supply Tightens
India’s Russian Oil Imports Slide From Record High as Supply Tightens What I Cover Tsvetana Paraskova is an energy and commodities journalist who has contributed to Oilprice.com for nearly a decade, covering global energy markets, commodities,… 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 to2.8 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, toldBloombergon Wednesday.
Going forward, India’s purchases from Russia are set to stabilize at a level of just above 2 million bpd, according to Ritolia.
The recent pullback in imported crude from Russia is the result of a combination of factors.
First, Ukrainianattacks on Russian export infrastructurehaven’t allowed Russia to take full advantage of available crude for exports, the volumes of which have been rising due to the nearly-daily Ukrainian drone attacks at Russian refineries.
Then there is China, which has intensified buying of cheaper Russian crude oil,squeezing Indiaout of some barrels.
As a result, Indian refiners are looking far and wide for alternative supply, including from West Africa and the Americas, to meet demand that is expected to rise in the coming months.
Indian state-controlled oil refiners continue to search the market forspot crude supplyas term deliveries are constrained by the ongoing crisis in the Middle East and its key oil chokepoint, the Strait of Hormuz.
In recent weeks, India’s state-run refiners have continued their buying spree ofcrude from West Africaas the Middle East crisis has sapped supply and made deliveries uncertain.
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| 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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