23 september 2024 : India’s oil imports from Russia fell by 18.3% in August, averaging around 1.7 million barrels per day, due to decreased crude processing by some refiners, according to tanker data from trade sources.
Meanwhile, China increased its purchases of Russian oil, reclaiming its position as Moscow’s largest oil client after India had held that title in July.
The proportion of Russian oil in India’s imports decreased to approximately 36% in August, down from 44% in July, marking a decline after five consecutive months of increases.
Despite this drop, Russia remained India’s top oil supplier in August, followed by Iraq and Saudi Arabia. Overall, India, the world’s third-largest oil importer and consumer, imported 4.7 million barrels per day in August, a slight decrease of about 1% from July.
Imports of Saudi Arabian oil fell to their lowest level since July 2023, at around 498,200 barrels per day. Some Indian refiners, including Chennai Petroleum and Bharat Petroleum Corp, reduced crude processing due to maintenance work at their facilities.
Indian refiners have been significant buyers of Russian oil, which is being sold at discounts since Western nations imposed sanctions on Russia following its invasion of Ukraine. Additionally, India imported about 138,000 barrels per day of Canadian oil and 254,000 barrels per day of U.S. crude last month.
With the decline in Russian oil intake, the share of OPEC nations in India’s total imports rose to a four-month high in August, largely due to increased purchases from Iraq. However, the share of OPEC oil in India’s imports during the first five months of the fiscal year that began in April hit an all-time low.
The proportion of Middle Eastern oil in India’s August crude imports increased to 44.6% from 40.3% in July, although the region’s overall share from April to August decreased to about 44% from approximately 46% a year prior.
