India's Russian crude oil imports held at 1.8 mn bpd in September as stronger Chinese buying curbed flows but West Asian suppliers filled the gap.
Lost volumes replenished by gulf nations
India imported 2.82 mn bpd of Russian crude oil in July, which slipped to 2.08 mn bpd in August, according to global commodities data and analytics firm Kpler. Iraq and Saudi made up for the drop in Russian volumes. Iraq supplied 505 bpd of crude this month, up from 163,000 bpd in August. Saudi volumes rose to 576,000 bpd in September from 347,000 bpd last month.
Giving up Russian crude will be pricey
The outlook of Russian supplies could become more complicated if the Lindsey O. Graham Sanctioning Russia Act of 2026 results in tougher restrictions on countries continuing to buy Russian oil.
The lead analyst at Kpler said India can technically replace Russian crude, although the shift would come at a higher cost.
2022 is when India became an important buyer of Russian crude.
No comments:
Post a Comment