![India's oil imports from Russia hit a 12-month low in January as sanctions tightened India's oil imports from Russia hit a 12-month low in January as sanctions tightened](https://c.ndtvimg.com/2023-02/uug7c69o_russia-oil-bloomberg_625x300_14_February_23.jpg)
Imports from Russia fell 4.2% to 1.3 million barrels per day (bpd), the report mentioned.
New Delhi:
India’s crude oil imports from its high provider Russia fell to the bottom degree in a yr for a second straight month in January as harder Western sanctions hit provides of sunshine candy Sokol grade, preliminary ship monitoring knowledge confirmed.
In line with the information, the world’s third-largest oil importer and shopper has elevated imports of Iraqi oil to offset the decline in Russian oil imports.
In line with LSEG knowledge, imports from Russia fell 4.2% to 1.3 million barrels per day (bpd). Knowledge from ship monitoring company Vortexa confirmed a decline of 9% to 1.2 million barrels per day.
“The discount in reductions on Russian crude oil in comparison with Center Japanese crude oil, the current US sanctions towards shipowners transporting Russian crude oil above the value ceiling and the rising premiums for tankers because of the assaults on the Pink Sea have made Russian crude much less enticing to Indian refiners in current months.” mentioned Serena Huang, Vortexa’s head of APAC evaluation.
India’s imports of Russian crude may fall additional within the coming months, she added.
Final yr, India emerged as one of many largest consumers of Russian marine oil, which was bought at a reduction after Western international locations halted imports following Moscow’s invasion of Ukraine.
Nonetheless, Washington in December imposed sanctions on ships and ship operators carrying Russian oil bought above the Group of Seven international locations’ restrict of $60 per barrel. Banks and repair suppliers have been requested to make sure that freight doesn’t exceed the value restrict.
Following the sanctions, a number of tankers meant to ship Sokol oil to India have been diverted.
In line with LSEG knowledge, India will obtain no less than 5 crude oil cargoes from Sokol in February, in comparison with none in January.
The ship Jaguar is predicted to unload on Thursday at a facility of personal refiner Nayara Power at Vadinar port within the western state of Gujarat, in accordance with LSEG knowledge and a ship report.
Here’s a desk of India’s preliminary imports from the highest three suppliers. The volumes are in 1,000 barrels per day.
Nation Vortexa LSEG
Jan Dec %chg Jan Dec %chg
Russia 1209 1328 -9.0% 1289 1345 -4.2%
Iraq 1112 985 12.9% 1214 1024 18.5%
Saudi Arabia 659 668 -1.3% 668 639 4.5%
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