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India, the world’s third greatest oil importer and shopper, shipped in 863,950 barrels per day (bpd) of crude from Saudi Arabia, up 4.8% from the earlier month, whereas purchases from Russia fell 2.4% to 855,950 bpd, Reuters reported citing knowledge from business and commerce sources.
Iraq remained the highest oil provider to India in August.
India had turn out to be Russia’s greatest oil purchaser after China because the West reduce purchases following Moscow’s invasion of Ukraine in late February. India and China are eager to safe uncooked supplies at reductions in contrast with provides from different international locations.
Nevertheless, as Moscow narrowed the reductions supplied for its oil, India’s month-to-month oil imports from Russia have been declining after hitting a document in June.
India’s general crude imports in August declined to a five-month low of 4.45 million bpd, down 4.1% from July, on account of upkeep at some refineries, the info confirmed.[REF/A]
Increased consumption of Caspian sea oil, primarily from Kazakhstan, Russia and Azerbaijan, have hit India’s purchases from Africa and different international locations.
African oil’s share in August halved to 4.2% whereas Latin America’s share fell to five.3% from about 7.7%, the info confirmed.
“India’s diesel demand is decrease throughout the monsoon season, which implies low import of west African oil,” Haq mentioned.
In August, the United Arab Emirates stayed at No. 4 whereas Kazakhstan changed Kuwait to turn out to be fifth-largest oil provider to India, adopted by the US.
Elevated purchases of Saudi and Emirati oil raised Center East’s share in India to 59% in August from 54% in July whereas that of CIS nations rose to a couple of quarter from 23%, the info confirmed.
Russian oil accounted for about 16% for India’s general imports in April-August, the primary 5 months of this fiscal yr, at 757,000 bpd in contrast with 20,000 bpd a yr earlier, or a 0.5% share, the info confirmed.
That lifted share of CIS international locations in India’s April-August oil imports to about 20% from 2.9%, the info confirmed.
(with inputs from Reuters)
