India’s Russian Oil Imports Fall to Lowest Level Since April

India imported an average of 1.74 million barrels per day (bpd) of Russian crude in September, the lowest since 1.58 million bpd in April, as refiners diversified supplies.
The figure compares with 2.02 million bpd in August and 2.65 million bpd in July. Total crude imports averaged about 5.3 million bpd in September, according to Kpler.
Iraq supplied some 575,000 bpd, up from 163,000 in August. Saudi volumes rose to 566,000 bpd from 347,000, while the UAE supplied 480,000 bpd, down from 546,000.
Refiners expect Russian supplies to tighten further in October and November on reduced exports and strong Chinese demand, trade sources said. “Demand from China has been really high,” one source involved in the sale said.
Shipments from the Black Sea port of Novorossiysk fell by roughly half as drone attacks suspended loadings. Russia remained India’s main supplier, and refiners are turning to UAE Murban, Iraqi Basrah and Angolan cargoes. Tighter Russian supplies could force India to buy more costly alternatives for the rest of the year.
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