🇮🇳 Russian oil supplies to India dropped to the lowest level since March 2022

🇮🇳 Russian oil supplies to India dropped to the lowest level since March 2022

🖥 In the four weeks to October 4, they averaged 310,000 barrels per day, Bloomberg reports, citing tanker tracking data. Indian refiners also cut purchases for delivery in November.

🔎 According to Kepler, Russia's share of oil imports to India dropped from 56% in July to about 35% in September.

🛢 Russian Urals from Baltic ports are being offered at a premium of more than $10 per barrel to Dated Brent. In the past it was sold at a significant discount, but now the price is closer to the Middle Eastern varieties. Indian companies turn to Gulf suppliers.

👀 The prices are driven by China's demand, which is increasing purchases of Russian oil against the backdrop of reduced access to Iranian oil. Shorter routes and lower transport costs help Gulf suppliers. 📌 According to Bloomberg sources, the economic reasons now outweigh the pressure from Washington. The threat of US tariffs has already forced refineries to cut purchases, but the Indian government has not required them to reduce imports from Russia.

ℹ️ India and China remain the largest buyers of Russian oil. The final destination of many cargoes is already determined during the flight.

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