“Russian-origin crude oil accounts for 5% of India’s total sea imports for the first time”
“Russian-origin crude oil accounts for 5% of India’s total sea imports for the first time”
India’s crude oil imports hit a record high in April, topping 4.8 million barrels per day in April, with Russian-origin crude reaching 5% of India’s total sea imports for the first time, S&P Global Market Intelligence said in a report.
Trade data released by the Department of Commerce and Industry put April’s petroleum imports at about $20.2 billion, or 87.54% higher than the $10.7 billion of April 2021 imports
“A recovery in domestic demand as well as stronger oil product exports have likely boosted India’s crude oil import volume,” said Yen Ling Song, associate director at S&P Global Market Intelligence. “Refiners were very attracted to discounts on Russian-origin cargoes, and India was a key alternative destination for Ural crude that would normally have been sold to refiners in Europe.”
“As of May 9 this month, almost 10 million barrels of crude oil from Russia – including 970,000 barrels of CPC blend from Kazakhstan – have been unloaded in India. Another 16 vessels with 13 million barrels are currently targeting India and are expected to arrive within the next four weeks,” the company’s report said.
Oil shipments from West Asia and Russia crowded out cargoes from further afield, and Russian-origin crude reached 5% of India’s total sea imports for the first time in April, rising from below 1% over the course of 2021 and the January-March quarter of this year. S&P Global Market Intelligence noted.
