Russian Shipments Top India’s Crude Imports In March Even As Total Oil Purchases Decline 13%
· Free Press Journal
Russia has again made a comeback in India’s oil import basket in March, even as India’s overall imports fell by 13 percent during the month compared to pre-war levels in February.
India imported almost half of its oil in March from Russia, according to a report by Reuters based on industry data. Purchases from West Asian countries declined by 61 percent as the region came under attack after the start of the war in late February.
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India imported about 4.5 million barrels per day of crude in March, which was about 13 percent lower than imports in February.
Oil Prices Inch Lower Amid Expectations Of US-Iran Talks As Ceasefire Ends TodayImports from Russia almost doubled to 2.25 million barrels per day compared to February, while purchases from Gulf countries slumped 61 percent to 1.18 million barrels per day.
During the month, oil from West Asia contributed just 26.3 percent to total imports, an all-time low.
The steep fall has come after vessels from countries like the United Arab Emirates and Iraq could not pass through the crucial Strait of Hormuz after Iran choked the waterway in retaliation to the United States and Israel’s aggression.
The strait used to cater to almost 20 percent of the world’s oil trade. Traffic in the strait has declined to about 10 percent compared to pre-war levels.
Hormuz Ultimatum: Is Beijing Steering Iran Back To The Table Despite Touska Seizure?Russian oil made a comeback into India’s import basket as the United States allowed a 30-day moratorium amid the steep rise in oil prices due to the supply crunch from the Gulf.
It is expected that Russian oil’s share in India’s crude imports may continue to be the highest in April as well, as the US on Friday extended the waiver for another month.
While Russia was the top oil supplier to India in March, Saudi Arabia replaced Iraq to emerge as the second-biggest supplier. Angola was at No. 3 as Indian refiners raised imports from Africa to replace Middle East supply, followed by the United Arab Emirates and Iraq.