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Indian purchases of Russian crude slump by record 25% in August

Shipments of Russian oil to India dropped to around 1.5 million barrels per day (bpd) in the first 12 days of August from around 2 million bpd in entire July, according to data

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Photo: Bloomberg

S Dinakar Amritsar

4 min read Last Updated : Aug 14 2023 | 10:45 PM IST

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Indian purchases of Russian crude oil declined by around 25 per cent in the first half of August, the steepest month-on-month drop in terms of volumes, with refiners expecting further falls amid contract negotiations for late September/October deliveries, according to industry officials and ship tracking analysts.

Lower discounts, coupled with higher procurement costs, will erode margins and hurt Q2FY24 earnings at state-run refiners, analysts said.

Shipments of Russian oil loaded for India dropped to a little less than 1.5 million barrels per day (bpd) in the first fortnight of August from around 2 million bpd in July, according to the loading

Topics : Crude Oil India crude oil India imports Russia Oil production

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