June sees a decline in India's crude oil imports from Russia
Decline in Indian Crude Oil Imports from Russia in June; Iraq, Saudi Arabia, and US Experiences Increase
chandni
According to energy cargo tracker Vortexa, India witnessed a 6.5% decrease in its crude oil imports from Russia in June, following a record high in May. Conversely, imports from Iraq, Saudi Arabia, and the US witnessed an upswing.
In June, India imported 1.8 million barrels per day (mbd) of Russian crude. China's seaborne imports of Russian crude also rose by 12% to 1.6 mbd in June, surpassing May's figures. Furthermore, Europe recorded a 28% increase with 0.42 mbd of Russian crude imports compared to the previous month.
The share of Russian oil in India's overall imports declined from 43% in May to 39.5% in June. However, Russia's share still closely matched the combined share of Iraq (18.6%), Saudi Arabia (16.1%), and the US (5%), which are the next three largest suppliers to India.
Vortexa analyst Serena Huang commented, "India's imports of Russian crude have decreased in June due to lower exports from Russia. There is still uncertainty regarding whether Russia will maintain its production cuts or increase production in the upcoming months, given the country's reliance on oil revenues. While it is premature to conclude whether India's imports of Russian crude have reached their peak, Indian refiners continue to display a strong appetite due to favorable economics."
