India saw its imports of Russian oil soar by 80% in September compared to the previous year, with Indian importers continuing to take advantage of the discount oil.
Start Trading CFDs Over 2,200 Different InstrumentsStart Trading CFDs Over 2,200 Different Instruments4 days5 daysImports of Russian crude oil to India last month posted a substantial increase of 80% on the year, after a dip over the summer.the subcontinent had taken in an average of 1.56 million barrels daily of Urals crude in September, up from 865,000 bpd a year ago. Compared with August, the September import rate was 8% higher.
LSEG, meanwhile, estimated the average Indian intake of Russian crude for last month at 1.55 million bpd, estimating it represented a 16% increase on August. Kpler’s Katona has forecast that crude oil imports from Russia could rise further in the coming months after the maintenance season ends at the end of this month. This suggests that even at elevated prices, Russian crude remains affordable for Indian refiners, unlike Saudi crude, whose price has been affected by Riyadh’s voluntary production cuts.“I think India will stick to its September levels of buying further on, importing 1.8-1.9 million barrels a day,” Katona India’s Financial Express.
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