Russian Crude Takes a Dip, Iraq and Saudi Arabia Step Up Supplies to India

Against the backdrop of the West Asia conflict, India has been looking at alternative sources to meet its crude oil requirements. The country imported around 1.8 million barrels per day (bpd) of Russian crude in September. While the volume remained broadly stable compared with August, it was lower than the 2.82 million bpd imported in July. Increased purchases of Russian crude by China and refinery maintenance in India are cited as key reasons for the decline.

The shortfall in Russian supplies is being partly offset by higher imports from West Asian producers. According to Kepler data, Russian crude imports fell from 2.08 million bpd in August to around 1.8 million bpd in September. Imports from Iraq rose to 505,000 bpd in September from 163,000 bpd in August. Saudi Arabian supplies increased from 347,000 bpd to 576,000 bpd. Imports from the UAE stood at 522,000 bpd in September, compared with 546,000 bpd in August.