NEW DELHI: India’s oil imports from Russia rebounded in September after hitting a seven-month low in August as prices fell against Middle Eastern oil, preliminary trade flow data from LSEG, Kpler and Vortexa showed.
India, the world’s third-biggest oil importer and consumer, also raised imports from Iraq while taking less Saudi oil, the data showed.
“Price competitiveness favours Russian crude and if the Indian refiners want to take term volumes from the Middle East, they seem to prefer Iraqi barrels as Basrah Medium continues to be some $2 per barrel cheaper than Arab Medium or Arab Light,” said Viktor Katona, lead crude analyst at Kpler.
