Russian oil imports fall to 7-months low
India, world’s third largest oil consumer, reduced imports from Russia for a third consecutive month in August
New Delhi: India’s import of cheap Russian oil plunged to lowest in seven months in August as monsoon rains dampened demand, industry data showed.
The world’s third largest oil consumer reduced imports from Russia for a third consecutive month in August. It took 1.46 million barrels a day from Russia in August, down from 1.91 million barrels purchased in the previous month, according to data from energy cargo tracker Vortexa. Indian refiners also cut imports from Iraq, another top supplier, to 866,000 barrels per day from 891,000 bpd.
Some of those volumes were replaced by a short surge in imports from Saudi Arabia, which jumped to 820,000 bpd from 484,000 bpd in July, the data showed. From a market share of less than 1 per cent in India’s import basket before the start of the Russia-Ukraine conflict in February last year, Russia’s share in India’s imports hit a peak of about 2 million bpd in May, as refiners vied for heavily discounted shipments.
Following Moscow’s invasion of Ukraine in February last year, Russian oil was sanctioned and shunned by European buyers and some in Asia, such as Japan.
