Nevertheless, according to Vortexa statistics, India raised its purchases of crude oil from Saudi Arabia in October to 924,000 barrels per day from 523,000 bpd the previous month, despite lowering its imports from Russia
(Photo: AFP)
India’s imports of crude oil from Russia decreased by more than 4 percent in October compared to September as per the data published by energy cargo tracker Vortexa.
India reduced its imports of crude oil from Russia to 1.55 million barrels per day (bpd) in October from 1.62 million bpd in September.
Nonetheless, with over one-third of India’s total crude imports coming from Russia, the nation remains its top oil supplier.
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According to market observers, the decline in imports in October is related to Russia’s reduced discounts, which have a tendency to drive up the price of Russian oil above the $60 per barrel barrier set by the West. This causes purchasers to have trouble making payments.
Nevertheless, according to Vortexa statistics, India raised its purchases of crude oil from Saudi Arabia in October to 924,000 barrels per day from 523,000 bpd the previous month, despite lowering its imports from Russia.
Following the conflict in Ukraine, India’s imports of crude oil from Russia climbed significantly to the point where it exceeded its previous top suppliers, Saudi Arabia and Iraq.
In October, India’s total imports of crude oil—which also originate in the US and Africa—amounted to 4.56 million barrels per day.
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