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India shifts oil imports from Russia toward Middle East
India’s crude oil imports from the Middle East surged to approximately 2.8 million barrels per day (bpd) in September, a 32% increase from August. This represents the highest volume from the region since February, returning to levels seen before the onset of the conflict involving Iran.
Middle Eastern oil accounted for 54% of India’s total crude purchases in September, up from 32% in August. Refiners have utilized ship-to-ship transfers in the Gulf of Oman to secure higher volumes through the Strait of Hormuz.
Concurrently, India’s reliance on Russian oil has declined. Russian imports fell by 14% month-on-month to roughly 1.8 million bpd, causing Russia’s share of India’s total oil imports to drop from 46.6% in August to 33.5% in September. This shift is attributed to rising costs for Russian Urals grade, which have become comparable to Middle Eastern grades like Iraqi oil, and the competitive pressure from China, which has increased its demand for Russian crude.
Entities
China · India · Middle East · Russia · Strait of Hormuz
Claims
What the coverage asserts, and how many sources carry each claim.
- [● 2 SOURCES] Middle Eastern oil accounted for 54% of India’s total crude imports in September. thecsrjournal.in
- [● 2 SOURCES] India’s crude oil imports from the Middle East reached 2.8 million barrels per day in September. thecsrjournal.in
- [● 2 SOURCES] India’s imports of Russian oil fell by approximately 14% in September compared to August. thecsrjournal.in
- [● 2 SOURCES] China is competing with India for Russian oil supplies. thecsrjournal.in
- [● 2 SOURCES] The cost of Russian Urals grade has become comparable to certain Middle Eastern crude grades. thecsrjournal.in
- [● 2 SOURCES] Russian oil's share of India's total imports dropped from 46.6% in August to 33.5% in September. thecsrjournal.in