According to data supplied by trade sources, Russia’s share in India’s oil purchases rose to 6% from around 66,000 barrels per day (bpd) in March, from around 66,000 barrels per day (bpd). ,
see photosThe country’s top refiner Indian Oil Corp bought its first Russian Arco oil cargo last month.
Russia became the fourth-largest oil supplier to India in April, with volumes set to rise further in the coming months, as well as demand from lower prices from the world’s No. 3 oil consumer and importer, tanker tracking data showed. According to data supplied by trade sources, Russia’s share in India’s oil purchases rose to 6% from around 66,000 barrels per day (bpd) in March, from around 66,000 barrels per day (bpd). , The country’s top refiner Indian Oil Corp bought its first Russian Arco oil cargo last month.
Western sanctions against Russia for its invasion of Ukraine have opened up a rare arbitrage flow, prompting Indian refiners to increase purchases of cheap Russian oil dumped by many Western countries and companies.
“Russian Ural crude prices fell sharply due to sanctions against Russia, while Kazakhstan’s CPC blend crude came under pressure,” said Ehsan ul Haq, analyst at Refinitiv.
He said Indians had bought stranded Russian oil while some European buyers had bought African and American oil in large quantities.
The share of African oil in India’s total oil imports declined from 14.5% in March to about 6% in April, while that of the US nearly halved to 3%.
Grades from Azerbaijan, Russia and Kazakhstan accounted for about 11% of India’s imported oil in April, compared to about 3% in March. The share of Middle Eastern oil increased from 68% to 71%.
India’s oil imports from Russia are set to rise by about 487,500 bpd in May, as refiners ramp up purchases from Russia, preliminary data from Refinitiv Flows showed.
Last month, Iraq remained the top oil supplier to India, followed by Saudi Arabia and the United Arab Emirates.
In April, Indian refiners shipped 4.7 million bpd of oil, up 6.9% from the previous month and about 11.6% from a year ago, when a second COVID-19 wave hit local oil demand.
Haq said India’s oil imports were higher in April as refiners scored to meet local demand and benefit from strong refining margins.
“In addition, companies got Russian grades at very attractive rates and had to increase the quantity they commit under contracts with Middle Eastern producers,” Haq said.
Higher imports from Russia pulled down OPEC’s share of foreign supplies to India in April.
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