Crude import from Saudi Arabia falls to multi-year low
India, world’s third-largest crude importer, has increased its purchases from Russia following the war between Russia and Ukraine in February 2022.
NEW DELHI: India’s crude from Saudi Arabia crude slipped to a multi-year low of 480 kbd (thousand barrel per day) in July 2023, according to energy intelligence firm Vortexa monthly data.
India imported 4.6 mbd crude in July 2023. Meanwhile, India’s crude import from Russia posted a record high of 1.9 mbd (million barrels per day) in July 2023, nearly double from its traditional buyers combined from the middle-east. Supplies from others include 891 Kbd from Iraq, 484 Kbd from Saudi Arabia, 290 kdb from UAE, 219 kdb from USA and 298 Kbd from Africa.
“India’s crude imports have remained robust in July, matching previous months’ imports at 4.6mbd. Imports of Saudi Arabia crude, meanwhile, have slipped to a multi-year low of 480kbd last month,” said Serena Huang, Vortexa’s Head of APAC Analysis.
India, world’s third-largest crude importer, has increased its purchases from Russia following the war between Russia and Ukraine in February 2022. Western countries put in sanctions on Russian crude, after that Russia has diversified its export to India and China at discounted rates. Before Russia’s invasion of Ukraine, India used to import less than 2% of its total imports from the country. Since October 2022, Russia has been top crude supplier, overtaking Saudi Arabia and Iraq.