Russian crude’s share rises 5% in a shrunk August basket
New Delhi: Imports from Russia rose in August even as shipments from Iraq, Saudi Arabia and the US declined, pulling India’s total crude imports to a 10-month low amid weaker domestic demand, according to shipping data.
Russia supplied 1.67 million barrels per day (mbd) in August, up 5.6% from July, even as India’s overall crude imports fell 4% to 4.5 mbd, according to Kpler, a global real-time data and analytics provider. Russia’s share in India’s imported crude basket climbed to 37% from 33% in July, against the backdrop of the India-US tussle over Russian oil. Since August imports were booked about two months earlier, they are unlikely to reflect any tariff-related considerations, industry executives said.
