India reduced imports of Russian oil to a minimum from March 2022 year - ЗМІ
Indian НПЗ sharply reduced purchases of Russian oil with delivery in November due to rising prices for Urals and increased competition from China. Supplies fell to the lowest rates from March 2022.
Bloomberg reports this.
As noted, the cost of Russian Urals oil with loading in the Baltic Sea increased to a premium of more than 10 dollars per barrel relative to Brent. Previously, this variety was sold at a significant discount, but now its price is almost equal to the Middle Eastern varieties.
Economic factors have outweighed США’s pressure on India to cut purchases from Russia, its biggest crude oil supplier.
Джерела Bloomberg reports that due to the loss of price advantage, Indian НПЗ is forced to change suppliers and return to raw materials from the Persian Gulf countries. Some of these cargoes are also offered by the Chinese independent НПЗ.
At the same time, Indian oil companies have already begun to reduce imports of Russian raw materials due to the threat of punitive duties after the adoption of the США sanctions law.
According to the analytical company Kpler, the share of Russia in oil imports to India fell to about 35% in September, although in July it peaked at 56%.
«Зростання імпорту російської нафти Китаєм протягом останніх місяців посилило конкуренцію за ці барелі, які інакше були б доступні індійським НПЗ»," explained senior manager Kpler Суміт Рітолія.
Also, average deliveries in the four weeks before the 4 October fell to about 310 thousand barrels per day, which was the lowest figure from March 2022 year.
In particular, it is noted that deliveries to India from Близького Сходу continue to grow. According to Shell, oil flows through the Strait of Hormuz have already recovered approximately to 80% from the pre-war level.
Earlier it was reported that Indian oil companies plan to reduce purchases of Russian oil after the entry into force of the law США on «пекельні» sanctions.
Recall that at the beginning of August Senate США 86 voted against 11 supported the bill on «пекельні» sanctions against Russia. And 17 September was approved by the House of Representatives of Congress США. The document was supported by 262 congressmen, 159 voted against.
President США Дональд Трамп signed the law 18 September. The document expands sanctions, duties and other restrictions against Russia, and also continues the current sanctions against Iran.
It should be noted that earlier India repeatedly appealed to США with a request to continue buying Russian oil. However, Washington rejected this opportunity.
On the infographic «Слово і діло» - how much oil was imported from the Russian Federation of the three largest buyers.
