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Iraq and Saudi Arabia are declining.. India's oil imports from Russia rise
Shafaq News/ India's oil imports from Russia jumped to a record level of about 950,000 barrels per day last June, which represents about five imports of the third largest oil consumer in the world, according to data provided by Indian trade.
Indian refiners were buying Russian oil sold at deep discounts on Brent and Middle East crude after some companies and Western countries avoided buying from Moscow after it invaded Ukraine on February 24.
The data showed that India shipped about 4.8 million barrels per day of oil in June, down 3.8 percent from May but about 23 percent higher than the previous year. India's oil imports were low as demand for fuel was affected by a second deadly wave of the Corona virus.
The data showed that oil imports from Russia increased by 15.5% in June compared to May, while imports from Iraq and Saudi Arabia fell by 10.5% and 13.5%, respectively, with the Middle East's share declining to 56.5% from 59.3%.
Russia remained India's second largest oil supplier after Iraq, while Saudi Arabia remained third for the second month in a row.
Cheaper Russian oil reduces losses to India's state-run refineries that sell fuel at low prices in the domestic market, while adding to the profits of private companies Reliance Industries Limited (RELI.NS) and Nayara Energy, which export most of their refined products.
India, the world's third-largest oil importer, has defended its purchases of "cheap" Russian oil, saying it provides only a fraction of the country's overall needs, and a sudden stop will increase costs for consumers.
The rise in oil imports from Russia reduced the share of OPEC in India's total imports to 65.2% during the quarter and 60.8% in June, and the data showed that the share of OPEC in India's oil imports has been declining since last March.
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Indian refiners were buying Russian oil sold at deep discounts on Brent and Middle East crude after some companies and Western countries avoided buying from Moscow after it invaded Ukraine on February 24.
The data showed that India shipped about 4.8 million barrels per day of oil in June, down 3.8 percent from May but about 23 percent higher than the previous year. India's oil imports were low as demand for fuel was affected by a second deadly wave of the Corona virus.
The data showed that oil imports from Russia increased by 15.5% in June compared to May, while imports from Iraq and Saudi Arabia fell by 10.5% and 13.5%, respectively, with the Middle East's share declining to 56.5% from 59.3%.
Russia remained India's second largest oil supplier after Iraq, while Saudi Arabia remained third for the second month in a row.
Cheaper Russian oil reduces losses to India's state-run refineries that sell fuel at low prices in the domestic market, while adding to the profits of private companies Reliance Industries Limited (RELI.NS) and Nayara Energy, which export most of their refined products.
India, the world's third-largest oil importer, has defended its purchases of "cheap" Russian oil, saying it provides only a fraction of the country's overall needs, and a sudden stop will increase costs for consumers.
The rise in oil imports from Russia reduced the share of OPEC in India's total imports to 65.2% during the quarter and 60.8% in June, and the data showed that the share of OPEC in India's oil imports has been declining since last March.
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