Home›Commodities›Energy›India’s Russian crude imports fall from July record as…

India’s Russian crude imports fall from July record as supply tightens

After reaching 2.8 million barrels per day in July, India’s imports of Russian crude are projected to drop to about 2.0 million bpd in August and then stabilize just above that level.

Reported · Written up by our desk · Energy

India’s crude oil imports from Russia have eased this month after hitting a July record, as attacks on Russian export infrastructure and competition from China have reduced the volumes available for Indian refiners. OilPrice reports that Ukraine struck Russian export capacity and refineries, limiting Russia’s ability to fully capitalize on rising exportable supply.

According to vessel-tracking data cited via Kpler, India’s Russian imports rose to an all-time high average of 2.8 million barrels per day in July, up from the prior peak of 2.7 million bpd in June. In July, Russian crude also made up more than half of India’s total crude oil imports.

For August, Kpler modeling indicates India’s Russian crude intake will decline to about 2.0 million bpd. The outlet also reports that purchases are expected to stabilize at a level just above 2.0 million bpd going forward.

OilPrice attributes the pullback to a mix of constrained Russian exports due to Ukrainian attacks and heavier Chinese buying of cheaper Russian barrels, which has squeezed India’s access. As a result, Indian refiners are looking for alternative supply sources, including West Africa and the Americas.

Latest closeWTI crude $82.40 ▲1.4%

More like this

Sources