India’s crude imports see Middle East surge, Russian decline

India’s crude oil imports in November saw a nine-month high in Middle Eastern supplies, accounting for 48 per cent of the total intake at 2.28 million barrels per day (bpd), a 10.8 per cent increase from October, ship tracking data revealed.

Russian oil imports, however, dropped 13 per cent month-on-month to 1.52 million bpd, representing 32 per cent of India’s overall crude intake, the lowest share in three quarters. The decline was attributed to maintenance at Indian refineries and adherence to annual contracts with Middle Eastern suppliers.

Total crude imports rose to 4.7 million bpd, up 2.5 per cent from October and 5 per cent year-on-year (YoY). Despite the decrease, Russia remained India’s top supplier, followed by Iraq and Saudi Arabia.

Middle Eastern oil’s resurgence lifted OPEC’s share in India’s crude intake to 53 per cent, an eight-month high, while the share of the Commonwealth of Independent States, including Russia, fell to 35 per cent from 40 per cent in October.

Attribution: Reuters

Subediting: M. S. Salama