In a twist, India reducing oil imports from Russia

01.08.2023, 17:07
In a twist, India reducing oil imports from Russia - Photo
Танкер на рейде в Новороссийске (Фото - Каспийский трубопроводный консорциум)

India’s imports of Russian oil have started to decline, in a trend that is likely to continue in the coming months, Bloomberg reports.

Daily volumes of Russian oil imported to India fell to 2.09 million barrels last month, down from 2.11 million barrels a day in June, Viktor Katona, the head of crude analysis at Kpler, said.

Inbound shipments from Saudi Arabia also dipped, while Iraqi imports rose to a five-month high, preliminary data from Kpler shows.

If the Kpler analyst's forecast comes true, Russian oil supplies will drop to 1.6 million barrels a day in August, the lowest level this year

However, Mr Katona warned, Russian imports are expected to rebound from October, with volumes potentially rising as high as 2.2 million barrels a day, coinciding with a seasonal demand boost.

Russia has been forced to export its oil at a huge discount since the price cap came into force late last year as part of Western sanctions for Moscow’s aggressive war in Ukraine.

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