New Delhi: India’s import of Russian crude oil fell 17% in August to 1.64 million barrels per day against. It was at 1.99 barrels per day in July. Data released by Vortexa showed.
‘India’s imports of Russian crude have fallen by 17% month on month partly likely due to lower supplies from Russia, as well as several domestic refineries shutting for planned maintenance,’ said Serena Huang, Head of APAC Analysis at Vortexa.
In August, Indian refiners imported more crude oil from Iraq and the United States. Russia remained the top supplier last month but lost its share in the country’s crude import basket to 39% from 43% registered in July. Imports from Iraq rose by 14% on month at 778,262 barrels per day in August, accounting for 19% of the country’s total crude oil imports. In July, imports from Iraq accounted for 15% of the country’s total imported crude oil volume.
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Imports from the US increased by as much as 60% to 367,119 barrels per day in August from 229,893 barrels per day in July. The share of US crude in India oil imports also increased to 9% sequentially, the highest so far this year.
The country imported a cumulative of 4.17 million barrels per day of crude oil in August, down from 4.61 million barrels per day in July. According to the data, India’s private refiners bought 1.64 million barrels of crude oil per day in August while public downstream companies imported 2.53 million barrels of crude oil.
The country’s dependency on import of crude oil during the first four months of the current fiscal rose to 88.3%, up from 87.8% in the Apr-Jul period of FY24. Upstream companies produced 9.7 million tonnes of crude oil during April to July, marginally down from 9.8 million tonnes in the same period last fiscal.
India’s crude oil imports rose to 81.6 million tonnes in April-July from 79.7 million in the year-ago period. Crude oil import bill during the period increased by around 17% on year to $49 billion from $41.9 billion.
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