Russia India oil: India’s urge for food for Russian oil reduces, share slips to lowest in 9 months as OPEC positive factors

Russia’s share of the Indian market in October slipped to the bottom in 9 months, in line with Reuters calculations primarily based on ship monitoring information from commerce sources.

India, the world’s third-biggest oil importer and shopper, sometimes depends on producers within the Center East for many of its oil wants and has inspired refiners to diversify to cheaper alternate options to chop prices.

The South Asian nation has emerged as the highest purchaser of the Russian seaborne oil bought at a reduction after Western nations stopped shopping for from Moscow following its invasion of Ukraine.

India imported about 4.7 million barrels per day (bpd) of crude in October, up 8.4% from the earlier month as refiners elevated purchases to fulfill increased native gasoline demand throughout the festive season, the information confirmed.

Imports from Saudi Arabia and the United Arab Emirates jumped to a 7-month excessive, up about 53% and 63% respectively in October from the earlier month, the information confirmed. That helped raise the share of the producers within the Group of the Petroleum Exporting International locations to 54% in October, up from 50% in September, in line with the information. India imported on common 1.56 million barrels per day (bpd) of Russian oil in October, up 1.2% from the earlier month, the information confirmed.

Regardless of the rise, Russian oil’s share in India’s October imports slipped to 33% from 35% in September.

Russia was the highest oil provider to India in April to October, the primary seven months of this fiscal 12 months to March 2024, adopted by Iraq and Saudi Arabia.

Larger consumption of Russian oil boosted the share of the Commonwealth of Impartial States (CIS) in India’s oil imports to the very best throughout April-October, the information confirmed.

(Reporting by Nidhi Verma; Modifying by Florence Tan and Louise Heavens)