Russia remained the largest supplier of crude to India in August

Russia remained the largest supplier of crude to India in August

NEW DELHI: Russia remained the largest supplier of crude to India in Aug, while US supplied highest volumes of LPG and LNG, data from maritime intelligence and research firm Kpler shows. India purchased 2.1 million barrels of crude per day from Russia this month, accounting for 45% of its total oil imports. The figure, however, was down from 2.8 mbd in July, which was the highest ever. The other top suppliers included the UAE (0.5 mbd), Saudi Arabia (0.5 mbd) and Venezuela (0.3 mbd). India’s overall crude imports also declined in Aug compared with May, June and July, when refiners ramped up purchases to guard against any shortfall in a scenario of the conflict in West Asia escalating. Crude supplies in Aug were estimated at 4.6 mbd, nearly 8% lower than the over 5 mbd imported in July. Experts said the decline reflected some moderation after strong buying in recent months, scheduled maintenance at some refineries in India and lower availability of Russian crude. India also emerged as a key supplier of gasoline (petrol) and diesel to Russia as refinery operations in the country were hit by Ukrainian attacks on its facilities. According to energy analytics firm Vortexa, Russia’s seaborne gasoline imports increased to 125,000 barrels per day in Aug, equivalent to a projected 470,000 tonnes for the month, with the supplies coming from countries such as India, Türkiye and Morocco. US emerged as the largest supplier of LPG and LNG, accounting for nearly 51% and 38%, respectively, of India’s total imports during the month. Of the 1.1 million tonnes of LPG imported by India, about 0.6 MT of cooking and heating gas came from the US, compared with 0.9 MT in July. The UAE (0.1 MT) and Algeria (0.1 MT) were the other major suppliers. US also supplied 0.8 MT of the 2.2 MT of LNG imported by India during the month, followed by Oman (0.5 MT) and Nigeria (0.4 MT). The diversification of energy imports, however, has led to higher commodity costs due to increased freight bills from longer voyages and insurance charges, experts added.