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India’s August crude imports show Russia losing its easy bargain
India cut Russian crude purchases to 2.08 million b/d in August, after 2.8 million b/d in July, while overall crude imports fell to 4.7 million b/d from 5.05 million b/d.
OilPrice reports that India’s crude imports fell in August and Russia’s share of those imports declined alongside them, pointing to supply issues that cannot be explained by seasonal refinery maintenance alone.
The outlet says Indian refineries usually move into a maintenance period toward the end of the monsoon, when domestic diesel and gasoline demand typically softens, but many refiners have postponed work this year due to strong margins on refined products.
OilPrice adds that the more significant change is on the supply side, with Russia exporting less crude both to India and overall, while China is competing more aggressively for available cargoes.
For the outlook, the outlet frames the key question as whether August is a temporary retreat or the beginning of a period in which Russian barrels become scarcer, costlier, and harder for Indian refiners to secure.
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