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Indian Oil Imports from Russia Slip in July

OIL

India’s crude imports from Russia dipped for the first time in nine months in July while Saudi flows fell to a 2.5 year low according to Refinitiv.

  • Both China and India cut imports of Russian and Saudi crude in July.
  • India's overall imports also declined 5.2% from June to 4.4 million bpd oil in July as domestic demand slipped and refinery runs eased because of the monsoon season.
  • Russian oil imports declined 5.7% to 1.85 million bpd and Saudi shipments fell by 26% to 470,000 bpd.
  • India's import of Russian oil may now decline further in August and September, however, as refiners plan maintenance at their plants according to Reuters.
  • Russia was still the top oil supplier to India in July, though, followed by Iraq and Saudi Arabia.
Energy BulletsCommodities
Energy BulletsCommodities

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