Russia Captures Record Share of India’s Oil Market
Russia Captures Record Share of India’s Oil Market Sodium-ion batteries are gaining momentum… What I Cover Irina Slav has been writing about global energy markets since 2007, covering the oil and gas industry, energy security, commodities, and the… Crude oil imports from Russia accounted for over 50% of India’s total import volumes last month.
This was the highest share of Russian oil in India’s import mix, Reuters noted in areportthat cited unnamed trade sources.
Russia exported crude at a rate of some 2.47 million barrels daily to India last month, which was a 62.4% surge from a year ago and represented a 50.83% share of total oil imports into the world’s third-largest oil buyer.
However, July volumes were a decline on June’s average, which stood at 2.6 million barrels daily and was the highest monthly average for Russian oil shipments to India.
Earlier, Kpler estimated that Russian oil flows to India in July averaged 2.45 million barrels daily, despite the expiration of a U.S.
Per the Kpler data, Russia remained India’s largest oil supplier, followed by the United Arab Emirates and Saudi Arabia.
Both, however, shipped much lower volumes, at 617,000 barrels daily for the UAE and 586,000 bpd for Saudi Arabia.
Russian oil has been flowing at all-time high rates to India since the start of the latter’s new fiscal year on April 1.
Volumes have averaged over 2 million barrels daily, making up over 42% of India’s total oil imports in the period.
This compares to a share of 37% for Russian oil volumes for India a year earlier.
This, however, may change after the latest U.S.
sanctions, Reuters noted, recalling that those sanctions involve slapping 100% tariffs on imports from countries that buy Russian crude.
| 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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