- Russia’s share in India’s crude oil imports has come down from 40 percent to 36 percent
India’s crude oil imports from Russia have fallen by 8.40 percent year-on-year during the April-September period of the current financial year, while imports from the Middle East and the US have increased, according to data available. Refiners are claiming that imports have fallen due to a reduction in discounts on Russian crude oil and pressure from the US on India not to buy its oil.
Crude oil imports from the US have increased by 6.80 percent year-on-year to 2.13 lakh barrels per day in the first six months of the current financial year. The issue of crude oil is playing an important role in the bilateral trade agreement with the US.
India’s overall crude oil import in September this year was 4.88 million barrels per day, down 1 percent from August and up 3.50 percent from September last year, the data further said.
Russia’s share in India’s crude oil imports, which was 40 percent in the April-September period last year, has come down to 36 percent in this period this year. On the other hand, the share of Middle Eastern oil has increased from 42 percent to 45 percent in this period.
Meanwhile, due to the increase in crude oil supply, discounts on Russian crude oil are being seen increasing. There is a possibility that India will buy more Russian oil in the coming days.
Urals is getting a discount of two to two and a half dollars per barrel compared to dated Brent, which can be said to be attractive for a major crude oil consuming country like India.
Government sources said that the current gap of two to two and a half dollars is significantly higher compared to the gap of one dollar in July. India’s crude oil imports from Russia are expected to increase to an average of 1.7 million barrels per day in October, which would be six percent higher than in September.
