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India’s Oil Imports from Russia Down in Oct

OIL

India’s oil imports from Russia fell in October amid rising prices for Russian barrels, according to Reuters, citing early data from Kpler and Vortexa.

  • Kpler and Vortexa figures show India’s imports of Russian oil in October between 1.49-1.57m b/d, an 8-12% decline on the month.
  • Indian refiners have slowed their purchases of Russian oil as voluntary export cuts have pushed up prices. This saw buyers look to the Middle East for additional barrels, Reuters said.
  • A month-long maintenance period at Reliance Industries’ refineries also slowed imports.
  • India’s oil Imports from Russia in November are expected to rebound. "In the first three days of November, there are 10 laden tankers arriving to Indian refiners from Russia, so the weaker October result will be offset by a stronger November as several cargoes slipped into next month," Viktor Katona, lead crude analyst with Kpler said.
Energy BulletsCommodities
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