Saudi oil supplies to India increase amid US pressure to reduce Russian volumes - Bloomberg
Kyiv • UNN
India imports the largest amount of crude oil from Saudi Arabia in over six years as the US pressures it to reduce purchases of Russian oil products.
India will import the largest amount of crude oil from Saudi Arabia in over six years this month, as the South Asian country faces continued US pressure to reduce purchases of Russian oil products. This is reported by Bloomberg, writes UNN.
Shipments from Saudi Arabia are expected to increase to 1-1.1 million barrels per day - the highest figure since November 2019, Sumit Ritolia said.
According to Kpler, this roughly corresponds to supplies from Russia, which will significantly narrow the gap between the two suppliers, which widened after India increased its purchases of Russian oil following the invasion of Ukraine.
The publication notes that US pressure on India peaked earlier this month after President Donald Trump stated that the country had agreed to stop buying Russian oil as part of a trade deal — a statement to which New Delhi has not yet given an official public response. Russia will still remain India's largest oil supplier this month if flows reach the upper limit of Kpler's forecast — 1.2 million barrels per day, but supplies are expected to decline further.
India became one of the main buyers of Russian oil after the invasion of Ukraine in 2022, when the OPEC+ producer was forced to significantly reduce prices for its oil due to the refusal of most other buyers of Moscow-related energy. At its peak, the South Asian country imported 2 million barrels of Russian oil per day.
According to Kpler's forecasts, imports from Russia will decrease even further next month - to 800,000-1 million barrels per day. Scheduled maintenance at the Nayara Energy Ltd. refinery, which is entirely dependent on Russian oil due to EU sanctions, which will take place in April-May, will further reduce volumes.
For Russia, the loss of market share in India means a reduction in a key sales channel for oil withdrawn from Europe after the war in Ukraine. For Saudi Arabia, returning to first place will restore strategic influence on one of the fastest-growing oil markets.