Russian Crude Export Levels to India May Have Peaked: Rystad

India may be approaching the peak of its import levels of Russian crude, according to Rystad Energy.

• “India will look to continue Russian crude imports, but perhaps it has reached its limit, hampering any additional barrels,” Rystad Energy senior analyst Janiv Shah said.
• Shah added that a lack of oil-linked infrastructure, such as refinery capacity on the subcontinent and the political considerations when buying Russian oil were the main drivers.
• The monsoon season, lasting until September should taper deliveries of crude: parts of the Indian coastline are under semi-lockdown and limited transportation and construction work creates logistical issues for cargo deliveries.
• India’s imports of Russian oil in July declined for a second consecutive month to 2.09mbpd, down from 2.11 mbpd in June, according to Viktor Katona, crude analyst at Kpler.
• India has so far dismissed criticism from Western nations over its refusal to back sanctions on Russia, instead prioritizing its domestic energy security. Russian crude constituted 40% of Indian crude imports prior to the onset of monsoon season.