Russian Crude Prices To India Fell To Lowest Since Invasion in June

The average cost of Russian crude to India fell to the lowest level since the start of Russia’s invasion into Ukraine in June of $68.17/bbl, including freight, down from $70.17/bbl in May according to figures from India’s Ministry of Commerce and Industry.

• This compares to costs of $100.48/bbl in June 2022.
• Imports from Iraq in June averaged $67.10/bbl, while those from Saudi Arabia were much higher at $81.78/bbl.
• 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 Kpler data. Imports could drop to as low as 1.6mbpd in August, Kpler analyst, Viktor Katona said last week.
• India’s Oil Minister Hardeep Singh Puri said last week the discounts on Russian crude had narrowed, without elaborating.
• Russia’s Finance Ministry said last week the average price for Russia’s Urals crude export blend rose by 16.4% on the month to $64.37/bbl in July, above the $60/bbl G7 price cap for Russian seaborne crude exports.