NEW DELHI: India’s crude import from Russia rebounded in September 2023 as the country imported around 36% of its total crude need from Russia. According to London-based market intelligence provider Vortexa, India’s total import of crude is 4.2 million barrels per day (mbd) in September out of which 1.58 mbd came from Russia. In August 2023, the country imported 1.44 million bpd from Russia.
“Lower Saudi Arabia crude supplies to India due to production cuts, more Russian Urals available with lower uptake from China’s Shandong refiners resulted in higher imports from Russia,” said Serena Huang, Vortexa’s Head of APAC Analysis.
The data also noted that India’s crude oil imports from Iraq also increased, reaching 926,000 barrels per day, marking a 14.6% year-on-year increase and an 8.54% month-on-month rise. According to Vortexa, India’s imports constitute 23% from Iraq, 13% from Saudi Arabia, 3% from Kuwait and 3% from the US.
Meanwhile, the experts are of the view that there is still scope for increase in imports of Russian crude.
India, which imports 85% of its total oil, has increased crude import significantly from Russia. From less than 2% before the Ukraine and Russia war, Russia has become the top oil supplier to India in the past seven months. Indian refiners have snapped up discounted Russian oil after Western nations imposed sanctions and stopped buying from Russia.
“India imported 1.12mbd of Russian Urals crude in September, with the highest recorded being 1.58 mbd in July. India still can increase its imports of Russian Urals, the supply is the limiting factor currently,” said Serene Huang.