India imported lower volumes of Russian crude oil in November while it boosted purchases of Middle Eastern crude, as Russia exported lower volumes overall while some Indian refiners were undergoing maintenance.
In the months prior to November, India continued to boost crude imports from Russia. Over the past two years, India has become a key buyer of Russia’s oil, while the attractiveness of cheaper crude supply has made Russia the single biggest supplier of oil to India.
But last month, India imported 1.52 million barrels per day (bpd) of Russian crude oil, down by 13% from October, according to ship-tracking data that Reuters has obtained from sources.
At the same time, imports from the Middle East into India, the world’s third-largest crude importer, jumped by 10.8% in November compared to the prior month, the data showed.
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Russia’s share of Indian crude oil imports was at around 32%, while the share of the Middle Eastern oil exporters in Indian foreign oil supply jumped to 48%, a nine-month high.
Some Indian refiners reduced spot purchases of Russian crude oil amid the maintenance season, but continued to lift committed volumes under annual contracts with Middle Eastern producers, an India refining official told Reuters.
Russia’s crude oil exports by sea fell in November, amid lower shipments to India, tanker-tracking data monitored by Bloomberg showed last month. Most of the decline in Russian shipments in November was seen at Russia’s Western ports on the Baltic and Black Sea, from where the majority of shipments to India depart.
Still, Russia continued to be the top supplier of crude oil to India in November, ahead of Iraq and Saudi Arabia.
The Kingdom, the world’s top crude exporter, saw its oil exports to Asia rise in November, while Russia’s crude sales in the world’s most important oil-importing region fell amid lower purchases by Moscow’s two key markets, China and India.
By Charles Kennedy for Oilprice.com