In September, Russian oil supplies to India decreased amid negotiations with the United States, but they still account for about a third of the country's total energy imports. According to Kpler Ltd., volumes amounted to 1.61 million barrels per day, which is less than August's 1.72 million and 16% lower than last year's figures. This is reported by Bloomberg, writes UNN.
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Analysts explain the decline by several factors: geopolitical pressure, reduced discounts on Russian oil, and the expansion of India's energy basket.
Russian barrels remain central to the Indian crude oil market, but volumes are stabilizing at a lower level
The US, meanwhile, is trying to limit Russian oil flows, which it says help finance the war in Ukraine. Washington has imposed a 50% duty on imports of Indian goods in an attempt to force New Delhi to cut purchases. At the same time, no similar measures have been taken against China, which is also a major buyer.
India reacted harshly, stating that it would continue to buy oil, guided by its economic interests.
We choose what suits us best
Indian Oil Corporation representative Anuj Jain added that purchases would depend on market conditions: "We are guided by basic economics."
Discounts on Russian Urals oil in August decreased to $1 per barrel against Brent – the lowest level since 2022. This also curbed Indian purchases. However, sources report that in September-October, discounts increased to more than $3 per barrel, making Urals again the most profitable source.
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Despite drone attacks on Russian energy infrastructure, supplies to India remain stable. According to Bloomberg sources, the country's refineries have enough Urals to meet needs until at least November.
Data also show that Russia is increasing exports: over the four weeks to September 28, average daily seaborne supplies reached 3.62 million barrels – the highest level in the last 16 months.