India’s imports of Russian oil fell for the first time since March

<div id="firstBodyDiv" data-bind-html-content-type="article" data-bind-html-compile="article.body" data-first-article-body="

and increased oil refineries Indian of supplies from Saudi Arabia Attractive prices while Russian supplies rose due to strong demand.

and received India Shipments of Russian oil amounted to 877,400 barrels per day in July, down about 7.3 percent from Union. Moscow remains India’s largest oil supplier after Iraq.

Refineries in India are acquiring Russian oil, whose price has fallen, after some Western countries and companies avoided buying it from Moscow due to the military operations in Ukraine that began in late February.

The data showed that India, the third largest importer and consumer of oil in the world, received overall oil shipments 3.2 percent lower in July at 4.63 million barrels per day compared to June, with some refineries planning to carry out maintenance work from August.

The data showed that India’s oil imports from Saudi Arabia rose 25.6% to 824,700 barrels per day in July, the highest level in three months, after the kingdom cut its official selling price in June and July compared to May. Saudi Arabia ranks third in the list of suppliers to India.

Ehsanul Haq, an analyst at Refinitiv, said: "Most of the refineries have fixed-term contracts with Saudi Arabia, so they can make a slight adjustment but they can’t change them fundamentally… They may have used the lower official selling prices for June and July to meet their obligations under the contract.".

The data revealed a decline in India’s share of the total oil imports From the Middle East slightly in July, as it reduced its purchases from Iraq by 9.3 percent from June to less than one million barrels per day for the first time in ten months.

The data showed that the share of OPEC countries in India’s total imports fell slightly in July compared to June and fell to its lowest levels in April and July, the first four months of the current fiscal year.

“>

and increased oil refineries Indian of supplies from Saudi Arabia Attractive prices while Russian supplies rose due to strong demand.

and received India Shipments of Russian oil amounted to 877,400 barrels per day in July, down about 7.3 percent from Union. Moscow remains India’s largest oil supplier after Iraq.

Refineries in India are acquiring Russian oil, whose price has fallen, after some Western countries and companies avoided buying it from Moscow due to the military operations in Ukraine that began in late February.

The data showed that India, the third largest importer and consumer of oil in the world, received overall oil shipments 3.2 percent lower in July at 4.63 million barrels per day compared to June, with some refineries planning to carry out maintenance work from August.

The data showed that India’s oil imports from Saudi Arabia rose 25.6% to 824,700 barrels per day in July, the highest level in three months, after the kingdom cut its official selling price in June and July compared to May. Saudi Arabia ranks third in the list of suppliers to India.

“Most of the refineries have fixed-term contracts with Saudi Arabia, so they can do a little adjustment but they can’t change them fundamentally,” said Ehsanul Haq, an analyst at Refinitiv. “They may have used the lower official selling prices for June and July to meet their obligations under the contract.”

The data revealed a decline in India’s share of the total oil imports From the Middle East slightly in July, as it reduced its purchases from Iraq by 9.3 percent from June to less than one million barrels per day for the first time in ten months.

The data showed that the share of OPEC countries in India’s total imports fell slightly in July compared to June and fell to its lowest levels in April and July, the first four months of the current fiscal year.

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.