India’s imports of Russian oil increased to an all-time high last June despite rising at the slowest pace since October, meaning New Delhi’s demand for Russian oil may have peaked, according to shipping data from energy sector sources, according to .
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Sources: India’s imports of Russian oil rose to a new record high in June
Navigational data from sources in the energy sector announced that India’s imports of Russian oil rose to an all-time high in June, although they increased at the slowest pace since October.
India’s imports of Russian oil… Refineries in India, the third largest importer of Russian oil in the world, accept Russian crude, which is sold at reduced prices in light of the reluctance of Western countries due to the Ukraine crisis.
India’s imports of Russian oil.. However, Russian oil began to lose its attractiveness to Indian refineries in light of the decline in the level of discounts and the emergence of problems in settling payments, which prompted Indian refineries to search for alternative sources in the Middle East.
The data revealed that New Delhi bought nearly two million barrels per day of Russian crude in June, up slightly from the previous month. Before the Ukraine war, India rarely bought Russian crude due to high shipping costs.
India’s imports of Russian oil in June exceeded its combined purchases from Iraq and Saudi Arabia
India’s imports of Russian oil. According to the data, India’s imports of Russian oil exceeded in June its combined purchases from Iraq and Saudi Arabia, the second and third largest suppliers to New Delhi.
And the data announced that the United States came fourth as the largest supplier to India, which led the UAE to decline to fifth place.
The data also showed that in terms of market share, Russia supplied India with about 42 percent of its imports of crude oil in the period from April to June, which represents the first quarter of the Indian fiscal year, while the share of the Middle East rose to about 41 percent after its decline in the previous three months.
India’s imports of Russian oil .. And the data announced that imports from the Middle East declined by about 34 percent in the quarter ending in June, compared to last year, while imports from the Commonwealth of Independent States, which include Azerbaijan, Kazakhstan and Russia, almost tripled.
India’s imports of Russian oil… The decline in imports from the Middle East also led to a decrease in the share of the Organization of the Petroleum Exporting Countries (OPEC) in India’s total crude imports, according to .
