India reached a 12-month high in June imports of crude oil from Russia

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India reached a 12-month high in June imports of crude oil from Russia

Oil & Gas 03 Jul 2024 05:49 PM IST The Hindu BusinessLine

India's crude oil imports from Russia increased to 1.97 million barrels per day (mbpd) in June 2024, the most since July 2023, owing partly to decreased deliveries to China. According to data from energy intelligence firm Vortexa, Russian imports increased by over 15% month on month and 2% annually. Data reveal that both public and private sector refiners continued importing record amounts from Russia.

Public refiners like Indian Oil Corporation (IOCL), Bharat Petroleum Corporation (BPCL), and Hindustan Petroleum Corporation (HPCL) bought 1.10 million barrels per day of crude oil, which is a 12-month high. Last month's cargoes were higher by 6% M-o-M. However, imports were down by almost 11% on an annual basis. During May-July 2023, public refiners imported more than 1.2 mbpd monthly from Russia. Private refiners Reliance Industries (RIL) and Rosneft-backed Nayara Energy imported 871,200 barrels per day (bpd) from Russia in June 2024. The cargoes were higher by 28% M-o-M and 20% Y-o-Y.

Vortexa’s head of APAC analysis said, “India’s imports of Russian crude at 1.97 mbpd in June 2024 is the highest since last July. China’s lower appetite for Russian crude has led to more barrels heading to India.”

Crude oil imports from India’s second-largest supplier, Iraq, fell by 20% M-o-M and by 3.5% Y-o-Y to roughly 754,000 bpd in June 2024. The decline was steeper in inbound shipments from Saudi Arabia at 36% M-o-M and 46% Y-o-Y to around 387,000 bpd. Some trade sources said that the higher official selling price (OSP) of its flagship medium sour grade Arab Light in June could have been a reason for the lower cargoes.

Crude oil shipments from the US continued to rise for the second consecutive month in June 2024. India imported roughly 331,000 bpd from the US last month, compared to around 224,000 bpd in May 2024 and 112,000 bpd in April. Trade sources said the imports were of light sweet grade due to weak market fundamentals amid European refinery outages.

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India reached a 12-month high in June imports of crude oil from Russia

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