New Delhi, 3rd July 2023: India’s imports of Russian oil touched new highs, last month, suggesting that the South Asian country is nearing the end of its buying spree from the big OPEC+ supplier.
According to Viktor Katona, the head of crude analysis at Kpler, daily volumes increased to 2.2 million barrels per day in June, marking the tenth consecutive month of growth.
According to data from the analytics group, Russian imports have once again surpassed the combined shipments of Saudi Arabia and Iraq.
Following the invasion of Ukraine, India emerged as a big purchaser and user of Russian oil, but the country’s purchasing may be nearing its limit due to infrastructural concerns and the need to maintain good relations with other suppliers.
According to Kpler, imports may fall next month due to reduced Russian supply.
According to Kpler, the state-owned Indian Oil Corp. has been the largest buyer of Russian crude during the last two months, followed by Reliance Industries Ltd. Overall, India’s Urals imports reached a new high of 1.5 million barrels per day in June.
In May, India’s increased Russian oil imports had totaled roughly 1.95 million barrels per day (bpd), reducing purchases from Iraq and Saudi Arabia. India, the world’s third largest oil consumer and importer, purchases more than 80% of its oil from international markets.
