New Delhi: Crude oil imports from Russia by public refiners such as Indian Oil Corporation, Bharat Petroleum Corporation and Hindustan Petroleum Corporation rose to a 12-month high in July 2024. Data released by energy intelligence firm Vortexa showed this.
According to data, public sector refiners bought 1.157 million barrels per day (mb/d) crude oil from Russia on a provisional basis in July 2024. This is the highest since July 2023. The shipments last month were lower by almost 6 per cent Y-o-Y, but were higher by 8 per cent M-o-M.
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However, average crude loadings during January-July 2024 by state-controlled refiners fell by more than 9 per cent Y-o-Y to around 1.6 mb/d from 1.73 mb/d a year-ago. Imports by private refiners such as Reliance Industries and Nayara Energy from Russia fell by 10 per cent Y-o-Y to around 653 barrels per day (mb/d) in July 2024. The decline in shipments on a monthly basis was steeper at 25 per cent.
Average loadings during January-July 2024 (666.57 b/d) were also lower, albeit by 5 per cent compared to the same period a year-ago (701.57 b/d). Imports of Russia’s flagship medium sour grade, Urals, fell by 13 per cent Y-o-Y to around 1.36 mb/d.
Imports of ESPO blend rose to 170,000 b/d in July 2024 from 70,000 b/d in June. Similarly, shipments of Varandey rose to 160,000 b/d last month from 141,000 b/d in June 2024.
India’s cumulative crude oil imports fell by over 2 per cent Y-o-Y and 3 per cent M-o-M to 4.48 mb/d in July 2024.
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