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3 clusters · 13 sources · 9 days · First seen · Last updated
Russian crude oil exports to India
Overview
India has maintained its position as a major buyer of Russian seaborne crude, averaging approximately 1.8 million barrels per day. This demand was largely driven by significant price discounts, with Urals-grade crude trading at an average discount of $23 per barrel compared to Brent in September. India’s market share of Russian imports grew from less than 2% prior to February 2022 to periodic levels between 40% and 50%.
However, shipping costs for Russian Urals crude from Black Sea ports to India reached record highs, with Suezmax tanker voyages costing between $27 million and $30 million. These elevated expenses, alongside increased competition from China, have begun to shift India’s procurement strategy.
In September, India’s reliance on Russian oil declined by 14% month-on-month to roughly 1.8 million barrels per day, causing Russia’s share of India’s total oil imports to drop from 46.6% in August to 33.5% in September. Concurrently, imports from the Middle East surged to approximately 2.8 million barrels per day, representing 54% of India’s total crude purchases. This shift is attributed to the rising costs of Russian Urals, which have become comparable to Middle Eastern grades such as Iraqi oil.
Entities
Russia · India · China · Kpler · Strait of Hormuz
Claims
What the coverage asserts, and how many sources carry each claim.
- [● 2 SOURCES] India’s crude oil imports from the Middle East reached 2.8 million barrels per day in September. thecsrjournal.in · oilprice.com
- [● 2 SOURCES] Middle Eastern oil accounted for 54% of India’s total crude imports in September. thecsrjournal.in · oilprice.com
- [● 2 SOURCES] India’s imports of Russian oil fell by approximately 14% in September compared to August. thecsrjournal.in · oilprice.com
- [● 2 SOURCES] Russian oil's share of India's total imports dropped from 46.6% in August to 33.5% in September. thecsrjournal.in · oilprice.com
- [● 2 SOURCES] The cost of Russian Urals grade has become comparable to certain Middle Eastern crude grades. thecsrjournal.in · oilprice.com
- [● 2 SOURCES] China is competing with India for Russian oil supplies. thecsrjournal.in · oilprice.com
Timeline
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[BUSINESS] 7 sourcesIndia shifts oil imports from Russia toward Middle East
India's Middle East crude imports rose 32% to 2.8 million bpd in September, while Russian oil imports fell 14% as refiners pivot toward more competitive Middle Eastern supplies.
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[BUSINESS] 2 sourcesIndia maintains position as top buyer of Russian seaborne crude
India continues to lead as the top buyer of Russian seaborne crude, averaging 1.8 million barrels per day due to significant price discounts on Urals-grade oil.
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[BUSINESS] 4 sourcesRussian Urals crude shipping costs to India hit record highs
Shipping costs for Russian Urals crude to India have hit record highs, with Suezmax tanker voyages costing up to $30 million per trip due to Black Sea risks and rising global freight rates.
Sources
businessam.be · businesstoday.in · cn.dailyeconomic.com · e-nautilia.gr · fakti.bg · gCaptain.com · kyivpost.com · nationalheraldindia.com · oilprice.com · ruse.news · thecsrjournal.in · tokenpost.com · worldenergynews.gr
This summary has been updated 1 time: see revision history