In July, India’s imports of crude oil from Russia decreased for the first time since March along with its overall purchase, according to figures gathered from trade and industry sources, while supplies from Saudi Arabia surged for the first time in five months.
Due to competitive pricing, Indian refiners have increased their purchases of long-term supplies from Saudi Arabia, while prices for Russian supplies have climbed due to high demand. India purchased 877,400 barrels of oil from Russia each day in July, a 7.3% decline from June. After Iraq, Moscow remained India’s second-largest oil supplier.
After some Western countries and companies declined to buy Russian oil from Moscow as a result of its invasion of Ukraine in late February, Indian refiners are picking up inexpensive Russian oil. As several refineries planned maintenance turnarounds for August, India, the third-largest importer and consumer of oil globally, shipped in 3.2% less oil in July at 4.63 million BPD than in June, according to the data.
The statistics indicated that after the producer reduced official selling prices (OSPs) in June and July compared with May, India’s oil imports from Saudi Arabia increased by 25.6% to 824,700 BPD in July, the highest level in three months. Saudi Arabia maintained its third-place ranking among India’s suppliers.
According to Haq, India has increased its imports of Russia’s diesel-rich ESPO grade, which could further discourage the country from buying comparable grades from west Africa. Haq also noted that ESPO is less expensive than Brent-linked Atlantic basin crude because it is sold at a discount to Dubai oil. According to the data, which covered the first four months of the current fiscal year, the percentage of imports from OPEC nations reduced significantly in July compared to June and reached its lowest level between April and July.
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