𝗜𝗻𝗱𝗶𝗮 𝗜𝗺𝗽𝗼𝗿𝘁𝘀 𝗥𝘂𝘀𝘀𝗶𝗮𝗻 𝗮𝗻𝗱 𝗨𝗔𝗘 𝗖𝗿𝘂𝗱𝗲 𝗢𝗶𝗹 𝗜𝗻 𝗝𝘂𝗻𝗲
India increased crude oil purchases from Russia and the United Arab Emirates in June. Refiners sought to secure supplies during the reopening of the Strait of Hormuz.
Key import data from June 1 to June 19:
• Russia: 2.66 million barrels per day (bpd) • United Arab Emirates: 636,000 bpd • Saudi Arabia: 384,000 bpd • Venezuela: 209,000 bpd • United States: 91,000 bpd
Russian imports rose from 1.91 million bpd in May. Russia remains the largest oil supplier to India. United States imports fell from 252,000 bpd in May to 91,000 bpd in June.
The Strait of Hormuz carries 20% of global oil consumption. Shipments through the strait began recovering after a ceasefire agreement between the US and Iran.
Energy supply details:
• India imports 88% of its crude oil needs. • India imports nearly 50% of its natural gas requirements. • India imports 65% of its LPG consumption. • LPG supplies are expected to normalize faster than crude oil and LNG.
Indian refiners increased purchases from Venezuela and the Atlantic Basin to offset tighter supplies from the Gulf. Analysts expect Russian crude to remain a primary part of the import strategy due to price discounts.
Source: The Times of India