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India’s Russian oil imports at 9-month high in April; uptick in US crude volumes
Russian oil flows to India touched a 9-month high in April primarily due to the abundant availability of Moscow’s crude for exports as well as the low oil prices, with the latter ensuring sufficient number non-sanctioned tankers to haul the oil to Indian ports without falling foul of international curbs
April also saw India’s oil imports from the United States rise to an eight-month high, evidently on account of strategic trade considerations amid the evolving geopolitical and geoeconomic scenario.
India’s Russian oil imports in April rose 2.1 per cent over March to 1.92 million barrels per day (bpd), even as overall oil imports contracted 7.3 per cent sequentially to 4.88 million bpd, per provisional tanker data from commodity market analytics firm Kpler. The share of Russian crude in India’s oil import basket rose to 39.3 per cent in April from 35.7 per cent in March.
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