https://sputniknews.in/20230809/russia-topped-indias-list-of-crude-suppliers-in-july-3489096.html
Russia Topped India's List of Crude Suppliers in July
Russia Topped India's List of Crude Suppliers in July
Sputnik India
Russia has continued to remain as India’s top crude supplier in the month of July, in spite of registering a drop in exports in recent months, according to trade data cited in Indian media.
2023-08-09T18:37+0530
2023-08-09T18:37+0530
2023-08-09T18:37+0530
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Russia has continued to remain as India’s top crude supplier in the month of July, in spite of registering a drop in exports in recent months, according to trade data cited in Indian media.According to the firm, India's imports of Russian crude in June stood at 1.8 mbd, falling by nearly 6.5 percent as compared to May.Even then, the Russian crude imports in India were more than the combined imports from Iraq and Saudi Arabia, the other big oil exporters to India.Analysts forecast that demand for Russian crude in India, the third-biggest crude importer and the fastest-growing major economy, is expected to remain robust in thecoming months.Citing data from Kpler, Bloomberg reported this month that Indian crude supplies from Russia in July were estimated to be 2.09 million bpd, the lowest since January.The drop in Russian and Saudi Arabian crude exports to India coincides with an ongoing push by Riyadh-led Organization of Petroleum Exporting Countries (OPEC) and OPEC+ members, which include Russia, to stabilize international crude prices by reducing the output.Saudi Arabia, the world’s largest crude producer, has announced that it would extend production cuts to a million barrels per day in August, up from 500,000 barrels per day in July.Oil Prices Set to Rise Amid Rising Demand from ChinaAnalysts have said that oil prices, which have been gaining for six weeks following output cuts, will continue to pick up in thecoming weeks.The world’s second-biggest importer of crude, China's oil imports fell to a seven-month low in July, down by 18.8 percent compared to June.
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Russia Topped India's List of Crude Suppliers in July
Russia emerged as India’s top crude supplier this year, overtaking New Delhi’s traditionally oil suppliers such as Iraq and Saudi Arabia.
Russia has continued to remain as
India’s top crude supplier in the month of July, in spite of registering a drop in exports in recent months, according to trade data cited in Indian media.
In July, India reportedly imported 1.9 million barrels per day (bpd) of crude from Russia, according to Vortexa, a firm tracking energy markets.
According to the firm, India's imports of Russian crude in June stood at 1.8 mbd, falling by nearly 6.5 percent as compared to May.
Even then, the Russian crude imports in India were more than the combined imports from Iraq and Saudi Arabia, the other big oil exporters to India.
Analysts forecast that
demand for Russian crude in India, the third-biggest crude importer and the fastest-growing major economy, is expected to remain robust in thecoming months.
The media report said that India’s crude supplies from Saudi Arabia, which stood at 734,000 bpd in June, dropped sharply to 484,000 bpd in July. Overall, this represents a 34 percent month-on-month drop in crude supplies.
Citing data from Kpler, Bloomberg reported this month that Indian crude supplies from Russia in July were estimated to be 2.09 million bpd, the lowest since January.
The drop in Russian and Saudi Arabian crude exports to India coincides with an ongoing push by Riyadh-led Organization of Petroleum Exporting Countries (OPEC) and OPEC+ members, which include Russia, to stabilize international crude prices by reducing the output.
Saudi Arabia, the world’s largest crude producer, has announced that it would extend production cuts to a million barrels per day in August, up from 500,000 barrels per day in July.
Oil Prices Set to Rise Amid Rising Demand from China
Analysts have said that oil prices, which have been gaining for six weeks following output cuts, will continue to pick up in thecoming weeks.
Chioqi Chen, a chief analyst at Sunward Trading, told Reuters that China’s economic recovery is expected to spur global crude demand, which would help in raising prices.
The world’s second-biggest importer of crude, China's oil imports fell to a seven-month low in July, down by 18.8 percent compared to June.
