Business & FinanceTop StoryTop StoryLatest News
India's West Asia Oil Imports Reach Pre-War Levels as Russian Crude Declines
Sentiment: NeutralHigh Priority
What Happened?
India's crude oil imports from West Asia surged in September, returning to pre-war levels. Meanwhile, imports of Russian oil fell as competition with China intensified.
Key points
- India's crude oil imports from West Asia reached approximately 2.8 million barrels per day in September, the highest since February.
- Russian oil imports fell by about 14% month-on-month to around 1.8 million barrels per day.
- The share of Russian oil in India's total oil purchases decreased from 46.6% to 33.5%.
- India's overall oil imports rose 20% month-on-month to about 5.33 million barrels per day.
- Iraqi oil imports increased significantly from 171,000 barrels per day in August to about 830,000 barrels per day in September.
Key insights
- India's increased reliance on Middle Eastern oil may lead to more favorable pricing and supply stability.
- The decline in Russian oil imports suggests a shift in India's sourcing strategy amid competitive pressures.
- Shorter voyage times for Middle Eastern oil could enhance India's refining efficiency.
Why it matters
The shift in oil imports could impact India's energy security and pricing strategies.
Entities
India· CountryRussia· CountryIraq· CountryUnited Arab Emirates· CountryStrait of Hormuz· Location
Source
Business Standard
