In September, Russian oil supplies to India increased by 15% – Kommersant
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Russian oil supplies to India increased by 15% in September after a significant decline in August to 1.5 million barrels per day. Last month, Russian oil exports to India amounted to 1.78 million barrels per day, writes Bloomberg with reference to Kpler data.
Leading oil analyst at Kpler Viktor Katona believes that in the near future, supplies of Russian oil to India will only grow due to the current ban for the export of diesel fuel. As Mr. Katona noted, such restrictions mean that Russian oil refineries will reduce refining volumes, and more oil will become available for delivery abroad.
India mainly buys Urals oil from Russia, which is supplied at a discount of about $4 per barrel, which increases its attractiveness compared to supplies from the Middle East, the expert added. According to him, the discount may increase even more in the future. According to the Russian Ministry of Finance, the average price of Urals oil in September grew up to $83.08 per barrel
In September, Russia increased seaborne oil exports, which reached 3.34 million barrels per day (b/d) – this is more than in July and August, but still less than in June. According to the parameters of the voluntary reduction in exports, Russian supplies in September, under an agreement with Saudi Arabia, could increase to 3.4 million bpd and remain at this level until the end of the year.
Read more in the Kommersant article. “Barrels are counting in the fall”.
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