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Russian oil prevails in India’s July imports despite refinery shutdowns
Despite a slew of local refining shutdowns, low discounts on Russian crude and a reduction in crude output, Russia continued to prevail in India’s crude basket in July and displaced Gulf grades and US oil, according to industry sources and shipping data.
Russian oil accounted for close to 43.8 per cent of India’s overall 4.52 million barrels per day in July, marginally lower from 44.4 per cent share in June of 4.6 million bpd of imports, and from a 44 per cent share a year earlier, according to market intelligence data from Paris-based Kpler. Russia had a record 46 per cent share of the Indian oil imports market in May 2023.
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