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Indian Oil Imports From Russia Dip Second Month in July

OIL

India’s imports of Russian oil in July declined for a second consecutive month to 2.09mbpd, down from 2.11mbpd in June according to Viktor Katona, crude analyst at Kpler.

  • The Russian volumes imported in July included 70kbpd of the CPC grade from Kazakhstan. Shipments of Russian Urals climbed to a record 1.6mbpd, Kpler data showed.
  • Inbound shipments from Saudi Arabia also dipped, while Iraqi imports rose to a five-month high.
  • Imports of Russian oil are poised to decline in August when the country plans to reduce exports by 500kbpd but shipments are expected to rebound in October with volumes potentially rising as high as 2.2mbpd, Katona said.
  • India’s imports of Russia oil could drop to as low as 1.6mbpd this month, the lowest level since January, Katona added.

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