India’s Russian Oil Imports Slide as Refiners Hunt for Alternatives
India’s Russian Oil Imports Slide as Refiners Hunt for Alternatives Julianne Geiger is a veteran energy journalist and market analyst with more than a decade of experience covering the global oil and gas sector.
Her… India’s imports of Russian crude fell 16.5% in August and are expected to decline again in September, just as a new U.S.
sanctions law gives Washington authority to hit major Russian oil buyers with tariffs of up to 100%.
Russian shipments to India dropped to about 2.1 million barrels per day in August from July’s record levels, according to trade data cited by Reuters.
Preliminary Kpler data puts September imports at 1.9 million bpd.
Russia remains India’s largest crude supplier.
law, so calling it a sanctions retreat would be a stretch.
Indian refiners were already shifting barrels around as Middle Eastern supply routes improved.
Purchases of Iraqi crude jumped roughly 25% to 171,000 bpd in August.
UAE shipments fell 5.4% to 620,000 bpd, although ADNOC has expanded its ability to move crude from inside Hormuz to export points outside the strait.
India’s total crude imports fell 8.8% in August to 4.44 million bpd.
October and November buying could tell a different story.
| 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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