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Indian Crude Purchases from Russia Gain

OIL

Russian crude flows to India rose to 277,000 bpd in April, the highest pace on record and up from 66,000 bpd in March according to Refinitiv tanker tracking.

  • Increased flows from Russia pushed crude imports from Africa and the US lower as Indian buyers received steep discounts on Russian cargoes.
  • Grades from Azerbaijan, Russia and Kazakhstan together accounted for about 11% of India's imported oil in April, compared with about 3% in March.
  • The majority of Indian crude imports still originate from the Middle East.
  • India's oil imports from Russia are set to rise further to about 487,500 bpd in May.

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