The reduction of Russian oil discounts, coupled with pressure from the United States, India’s imports of Russian oil fell sharply. (Schematic, Archyde.com)
[Financial Channel/Comprehensive Report]Concerns about a global economic recession have emerged, international crude oil prices have fallen, and Russia’s discounts to Russian oil buyers have been reduced. Coupled with pressure from the United States, India’s imports of Russian oil have fallen sharply, and India’s imports in the first two weeks of September Russian oil volumes fell more than 40% from the August average to 452,000 barrels per day.
India relies on imports for 83% of its oil demand. In order to reduce inflation and financial pressure, ignoring Western accusations, since the Russian-Ukrainian war in February, the sweeping of low-priced Russian oil is estimated to save India about 350 billion rupees.
However, with the fall in international crude oil prices, the reduction in the discount of Russian oil, and the continued pressure from the United States, India began to shrink its hands. Crude oil imports from Russia fell 2.4% from the previous month to 856,000 barrels per day in August, while imports from the Middle East rose 4.8% to 864,000 barrels per day.
In September, India’s imports of Russian oil fell more significantly. According to data from energy data tracker Kpler, in the first two weeks of September, India’s imports of Russian oil fell by more than 40% compared with the August average, to 45.2 per day. million barrels.
Ehsan Ul Haq, an analyst at financial information provider Refinitiv, said the attractiveness of Russian oil was hit as oil suppliers in the Middle East cut their October selling prices. In addition, it takes one month for Russian oil to be transported to India, and only one week to ship from the Middle East, which makes the oil in the Middle East regain its advantage.
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