India reduced oil purchases from Russia in July and August, but may increase these purchases again against the background of European Union (EU) restrictions on Russian fuel. About informs The Economic Times cited Vortexa analysts.
Analysts estimate that India purchased over 738 thousand barrels of oil from Russia in August; this is 18% less than in July and almost a quarter less than in June.
“Since May, we’ve seen that Russia’s oil imports to India account for around 20% of the country’s total oil imports, excluding conventional supplies from the Middle East, West Africa and the United States,” said Vortexa analyst Serena Huang. .
Russia fell to third place among India’s largest oil exporters in August, according to Vortexa. Saudi Arabia, on the other hand, rose two places to become the leader in supply.
September 1 by Bloomberg reportedIndia has surpassed China in the number of purchases of Far Eastern grade Russian ESPO oil since the end of February 2022, when international sanctions against Moscow were introduced. In August alone, New Delhi ordered six tankers with this type of fuel.