Industry data showed that the share of Russian oil in India’s total imports increased to approximately two-fifths in the first half of fiscal 2023-24, solidifying Moscow’s position as the major supplier as refiners reduced purchases from the Middle East.
Following Moscow’s invasion of Ukraine, India, the world’s third-largest oil importer and consumer, has emerged as the leading customer of discounted Russian seaborne oil.
Middle Eastern supplies are also set to tighten further as a result of Saudi Arabia’s decision to extend its voluntary output limits until the end of the year, prompting India to consider alternative possibilities.
From April to September, or the first half of fiscal 2023-2024, India imported 1.76 million barrels per day (bpd) of Russian oil, more than doubling the 780,000 bpd imported in the same period the previous year, according to tanker data from industry sources.
As per the data, India’s imports from Russia returned to 1.54 million bpd last month, up 11.8% from August and 71.7% from a year ago.
From April to September, Russia was India’s top oil supplier, followed by Iraq and Saudi Arabia.
“India’s imports from Iraq and Saudi Arabia fell by 12% and about 23% to 928,000 bpd and 607,500 bpd, respectively, during the April-September period”, the research shows.
In April-September, Imports from the Middle East fell by around 28% to 1.97 million bpd, reducing the region’s share in India’s total oil imports to 44% from 60% the previous year.
According to the report, the share of oil from the Commonwealth of Independent States (CIS), which comprises Azerbaijan, Kazakhstan, and Russia, nearly doubled to 43%, owing to increased purchases from Moscow.
Lower purchases from the Middle East reduced OPEC’s share of India’s overall imports to its lowest level in 22 years.
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