India's Russian Oil Imports Drop 20% in April Following March Surge
Indiaβs Russian oil imports cool 20% in April after March spike
The Economic TimesImage: The Economic Times
India's imports of Russian crude oil decreased by 20% in April to 1.57 million barrels per day, following a spike in March due to floating cargoes and a temporary US sanctions waiver. Key disruptions from a Ukrainian attack on a Russian terminal also contributed to the decline.
- 01India's Russian crude imports fell to 1.57 million barrels per day in April.
- 02Indian Oil Corporation was the largest buyer, importing 670,000 barrels per day.
- 03Nayara Energy's imports dropped significantly due to maintenance shutdowns.
- 04The closure of the Strait of Hormuz in March led to increased reliance on Russian oil.
- 05Overall, Indian refiners are now sourcing Russian crude more broadly than earlier this year.
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India's imports of Russian crude oil decreased by 20% in April, averaging 1.57 million barrels per day. This drop follows a significant surge in March, where imports nearly reached 2 million barrels per day due to floating cargoes amid geopolitical tensions and a temporary waiver from US sanctions. The Indian Oil Corporation (IOC) remained the largest buyer, importing 670,000 barrels per day, which accounted for 42% of India's total Russian purchases. Other notable buyers included Bharat Petroleum Corporation Limited (BPCL) and Hindustan Petroleum Corporation Limited (HPCL), with imports of 136,000 and 83,000 barrels per day, respectively. Nayara Energy saw a sharp decline in imports from 315,000 barrels per day in March to 28,000 barrels per day in April due to a maintenance shutdown. The disruptions at a key Russian terminal following a Ukrainian attack further impacted the loading of crude, contributing to the overall decline in imports.
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The reduction in Russian oil imports may affect domestic fuel prices and availability, as Indian refiners adjust their sourcing strategies in response to geopolitical events.
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