Crude oil import: Crude oil import from Russia increased to the highest level in nine months

Import of Crude Oil: Crude oil imports from Russia to India reached a nine-month high in April. In particular, imports have increased despite some Russian ships and shipping companies not complying with the G-7 price limit of $60 per barrel on seaborne crude oil deliveries.

Russia exported 1.78 million barrels of crude oil to India, up 13.41% from previous months. India’s cumulative imports during April fell marginally to 4.54 million barrels per day from 4.91 million barrels per day in March.

According to data from intelligence firm Vortexa, Russia exported 1.78 million barrels of crude oil per day to India in April. Which is 13.4% more than last month. This is the highest since July 2023, when imports from Russia were recorded at 1.99 million barrels per day.

Imports from Iraq fell

Although Iraq remains the second top supplier of crude oil to India after Russia, its imports fell 35% month-on-month to 776,000 barrels per day in April. Saudi Arabia, the third largest exporter of crude oil in the country, imports 680,000 barrels of crude oil per day. Which is 3.7% more than March.

India’s traditional suppliers of crude oil declined in April due to lack of price competitiveness of imports from Middle Eastern countries. Russian crude oil imports increased in April due to higher exports of Russian crude in February and March and lower purchases by Chinese refiners. Middle East exporters have lost market share this month. Because their crude oil prices are less competitive.

Crude prices today: Till the time of writing the news, Brent crude was trading at $ 83.96 per barrel with an increase of $ 0.29. WTI crude rose 0.35 percent to $ 79.23 per barrel.