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