https://sputniknews.in/20230906/indias-russian-oil-imports-to-witness-jump-in-coming-months-expert-4075451.html
India's Russian Oil Imports to Witness Jump in Coming Months: Expert
India's Russian Oil Imports to Witness Jump in Coming Months: Expert
Sputnik India
New Delhi's crude imports from Moscow are set to witness a jump in coming months as demand will pick up in the South Asian nation with the onset of the festive season in October, an energy expert has said.
2023-09-06T18:03+0530
2023-09-06T18:03+0530
2023-09-06T18:03+0530
business & economy
india
russia
moscow
delhi
new delhi
oil exporters
global oil production
oil supplies
russian oil
https://cdn1.img.sputniknews.in/img/07e7/08/09/3498363_0:0:3369:1896_1920x0_80_0_0_9f34f9363979d16de174dc12039cda62.jpg
India's crude imports from Russia are set to witness a jump in coming months as demand will pick up in the South Asian nation with the onset of the festive season in October, an energy expert has said.The remarks of Arpit Chandna, a crude analyst linked with Refinitiv, a multinational organization involved in keeping a tab on global oil supplies, come days after India emerged as the top purchaser of Ural blends of crude from the Eurasian nation, data from the London Stock Exchange Group (LSEG) showed.Since May 2023, India's crude acquisitions from Russia have topped two million barrels per day, making Moscow the largest supplier of oil to New Delhi.Against this background, "discounted Russian oil" is proving to be a boon to the Indian government as it is helping the authorities to keep inflation in check in the country, as per economists.Arpit stated that India depends on imports to meet more than 80% of its overall crude oil demand and has been utilizing the discounted prices of Urals for shoring up its oil reserves.According to him, current global crude oil prices are witnessing headwinds due to a squeeze in supply driven by production cut agreements extended till the end of the year by OPEC & Russia.Arpit opined that the following is likely to keep the prices edging higher as the demand for oil from the world's second-largest consumer China is witnessing an increase as far as imports are concerned.He suggested that the scheduled maintenance and planned outages at Indian refineries are among the major factors for lower volumes offloaded in India.Separately, resurging domestic demand in Russia during summers is also resulting in lower export volumes from Russia available for external markets.
https://sputniknews.in/20230830/india-to-sontinue-pragmatic-policy-toward-oil-purchases-3928484.html
india
russia
moscow
delhi
new delhi
ukraine
south asia
eurasia
Sputnik India
feedback.hindi@sputniknews.com
+74956456601
MIA „Rosiya Segodnya“
2023
Pawan Atri
https://cdn1.img.sputniknews.in/img/07e6/0c/13/139630_147:0:831:684_100x100_80_0_0_8fa2b25903e7787fe6a2698552c167df.png
Pawan Atri
https://cdn1.img.sputniknews.in/img/07e6/0c/13/139630_147:0:831:684_100x100_80_0_0_8fa2b25903e7787fe6a2698552c167df.png
News
en_IN
Sputnik India
feedback.hindi@sputniknews.com
+74956456601
MIA „Rosiya Segodnya“
Sputnik India
feedback.hindi@sputniknews.com
+74956456601
MIA „Rosiya Segodnya“
Pawan Atri
https://cdn1.img.sputniknews.in/img/07e6/0c/13/139630_147:0:831:684_100x100_80_0_0_8fa2b25903e7787fe6a2698552c167df.png
russian crude imports india, russian crude imports india, russian oil imports india, russian oil supplies india, russian crude supplies india, russian oil deliveries india, russian crude deliveries india, moscow oil exports delhi, moscow oil exports new delhi, russian crude oil demand in india, how much russian oil is india buying, why india is purchasing oil from russia, how much discount is india getting on russian oil,
russian crude imports india, russian crude imports india, russian oil imports india, russian oil supplies india, russian crude supplies india, russian oil deliveries india, russian crude deliveries india, moscow oil exports delhi, moscow oil exports new delhi, russian crude oil demand in india, how much russian oil is india buying, why india is purchasing oil from russia, how much discount is india getting on russian oil,
India's Russian Oil Imports to Witness Jump in Coming Months: Expert
In the wake of Western sanctions imposed on Moscow, India has emerged as one of the leading purchasers of Russian crude in recent months.
India's crude imports from Russia are set to witness a jump in coming months as demand will pick up in the South Asian nation with the onset of the festive season in October, an energy expert has said.
The remarks of
Arpit Chandna, a crude analyst linked with Refinitiv, a multinational organization involved in keeping a tab on global oil supplies, come days after India emerged as the top purchaser of
Ural blends of crude
from the Eurasian nation, data from the London Stock Exchange Group (LSEG) showed.
Overall, the contribution of Russian-origin crude in shipments to India was 74 percent, almost identical to the democratic sovereign state's share in the previous month.
Since May 2023, India's crude acquisitions from Russia have topped two million barrels per day, making Moscow the largest supplier of oil to New Delhi.
Interestingly, Russia now fulfills around 45 percent of India's oil import requirements.
Against this background, "discounted Russian oil" is proving to be a boon to the Indian government as it is helping the
authorities to keep inflation in check in the country, as per economists.
Arpit stated that India depends on imports to meet more than 80% of its overall crude oil demand and has been utilizing the discounted prices of Urals for shoring up its oil reserves.
"Over the price economics, Russian crude oil import prices are still lower for India if compared with other traditional suppliers such as Iraq & Saudi Arabia. As per ministry data," he noted.
According to him, current global crude oil prices are witnessing headwinds due to a squeeze in supply driven by production cut agreements extended till the end of the year by OPEC & Russia.
Arpit opined that the following is likely to keep the prices edging higher as the demand for oil from the world's second-largest consumer China is
witnessing an increase as far as imports are concerned.
He suggested that the scheduled maintenance and planned outages at Indian refineries are among the major factors for lower volumes offloaded in India.
Separately, resurging domestic demand in Russia during summers is also resulting in lower export volumes from Russia available for external markets.
"However, in the coming months, Indian refiners are expected to decrease prices of refined products due to upcoming state elections which is likely to support domestic demand in India. The following would result in a
jump in sales of diesel and petrol in the country besides imports by the nation's refiners, including oil acquired from Russia," he asserted.
