Friday, July 12, 2024

India cuts crude imports from Russia, buys more from Saudi in Oct

India’s crude oil imports from Russia fell by more than 4 pe rcent in October compared to September, according to figures compiled by energy cargo tracker Vortexa.

India imported 1.55 million barrels per day (bpd) of crude oil from Russia in October down from 1.62 million bpd in September.

However, Russia continues to be the largest oil supplier to India, accounting for more than one-third of the country’s total crude imports.

The fall in imports during October is attributed to the lower discounts being offered by Russia which has tended to raise the price above the West-imposed cap of $60 a barrel for Russian oil and as a result of which buyers face difficulties in making payments, according to market analysts.

However, while reducing imports from Russia, India has increased crude purchases from Saudi Arabiain October to 924,000 barrels a day from 523,000 bpd in the previous month, Vortexa data show.

India’s imports of crude oil from Russia steadily increased after the Ukraine war and the country has surpassed Saudi Arabia and Iraq, the earlier top two suppliers to India.

India’s total imports of crude oil which also comes from the US and Africa touched 4.56 million bpd in October.

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