Vortexa: India reduced oil imports from Russia in August, but will soon increase them

India has been reducing supplies of Russian oil for the second month in a row, Vortexa analysts say. However, according to their forecasts, oil imports from Russia to India may increase in the coming months against the backdrop of the entry into force of a partial EU oil embargo.

India purchased 738,000 barrels of Russian crude oil in August, according to the company. This is 16% less than in July, and also 24.5% less than in July. Analysts believe that the decline in supplies occurred against the backdrop of a general decline in imports of this raw material to India: in August it fell by 13% compared to July and amounted to 4 million barrels per day. Compared to June, the decline was 15%.

“Since May, we have seen that Russian oil imports to India account for about 20% of the country’s total oil imports, crowding out conventional supplies from the Middle East, West Africa and the United States. I definitely see room for more Russian oil heading to India in the coming months as the EU ban on Russian oil imports approaches,” said Vortex analyst Serena Huang (quoted by RIA Novosti).

In June, sources The Economic Times reported that the Indian authorities increased the volume of Russian oil imports from April to June by 50 times. At the beginning of August, sources Reuters India has been said to want to double Russian oil deliveries. Now the US authorities are negotiating with India to set marginal prices for Russian oil, which is already traded at a discount. According to information Financial Timesthe G7 countries will introduce a price ceiling for Russian oil from December 5.

Anastasia Larina