{"id":11088,"date":"2024-06-22T08:00:31","date_gmt":"2024-06-22T08:00:31","guid":{"rendered":"https:\/\/roydadnaft.ir\/English\/?p=11088"},"modified":"2024-06-22T08:00:31","modified_gmt":"2024-06-22T08:00:31","slug":"indias-may-oil-imports-russia-at-record-high-saudi-lowest-in-10-mth","status":"publish","type":"post","link":"https:\/\/roydadnaft.ir\/English\/11088\/","title":{"rendered":"India’s May oil imports: Russia at record high, Saudi lowest in 10-mth"},"content":{"rendered":"

RoydadNaft – <\/a><\/span>\u00a0India’s oil imports from Russia rose to a record of about 2.1 million barrels per day (bpd) in May as discounts for Russian oil widened on lower demand from China, according to trade sources and shipping data.<\/p>\n

That boosted Russia’s share in the world’s third largest importer and consumer to nearly 41% last month, the data showed.<\/p>\n

Meanwhile, supply from Saudi Arabia dropped to a 10-month low, the data showed, after Saudi Aramco hiked term prices for a second month in May.<\/div>\n

Refiners in India have been gorging on Russian oil, sold at a discount after some European nations shunned purchases from Moscow over its invasion of Ukraine in February 2022. Also, similar grades from regions mainly in the Middle East are costlier.<\/p>\n

India shipped in about 5.1 million bpd oil in May, a growth of about 5.6% from April, the data shows.<\/p>\n

India’s Russian oil imports in May rose 14.7% from April and 5.9% from a year ago, the data shows.<\/p>\n

“Russian oil was available in plenty and at better discounts last month due to lower demand from China,” said an official at one of the Indian refineries.<\/p>\n

Indian private refiners Reliance Industries and Nayara Energy, majority owned by Russian entities, have signed a term deal to buy Russian oil.<\/div>\n
In contrast, state-refiners Indian Oil Corp , Bharat Petroleum Corp, Hindustan Petroleum and Mangalore Refinery and Petrochemicals are buying Russian oil from the spot markets.<\/div>\n

Russia continued to be the top oil supplier to India, followed by Iraq and Saudi Arabia.<\/p>\n

Indian refiners shipped in 508,500 bpd Saudi oil in May, down 16.4% from April, and 1 million bpd from Iraq up 22.2% on month, the data showed.<\/p>\n

Also, last month Indian refiners received 176,000 bpd oil from the U.S., the data showed.<\/p>\n

Higher intake of Russian oil has been denting the share of the Middle Easter oil in India’s crude mix and also that of oil producers cartel OPEC, the data showed.<\/p>\n

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