01 February 2024
India's crude oil imports from its top supplier Russia fell for a second straight month in January to their lowest in a year as tighter Western sanctions hit supply of light sweet Sokol grade,The world's third-biggest oil importer and consumer boosted imports of Iraqi oil to offset the drop in Russian oil imports, according to the data. Imports from Russia declined 4.2% to 1.3 million barrels per clay (bpd), according to LSEG data. Data from ship tracking agency Vortexa showed a slide of 9% to 1.2 million bpd. "The narrowing of Russian crude discounts versus Middle Eastern crude, recent U.S. sanctions on shipowners carrying Russian crude above the price cap and rising tanker premiums as a result of the Red Sea attacks have made Russian crude less attractive for Indian refiners in recent months," said Serena Huang, Vortexa's head of APAC analysis.
India's crude oil imports from its top supplier Russia fell for a second straight month in January to their lowest in a year as tighter Western sanctions hit supply of light sweet Sokol grade,The world's third-biggest oil importer and consumer boosted imports of Iraqi oil to offset the drop in Russian oil imports, according to the data. Imports from Russia declined 4.2% to 1.3 million barrels per clay (bpd), according to LSEG data. Data from ship tracking agency Vortexa showed a slide of 9% to 1.2 million bpd. "The narrowing of Russian crude discounts versus Middle Eastern crude, recent U.S. sanctions on shipowners carrying Russian crude above the price cap and rising tanker premiums as a result of the Red Sea attacks have made Russian crude less attractive for Indian refiners in recent months," said Serena Huang, Vortexa's head of APAC analysis.
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