India Overtook China to Become Biggest Buyer of Russian Crude Oil in April
A reason for rising Russian imports, the newspaper said, is the reimposed US sanctions on Venezuela, which was otherwise providing cheaper supplies.India and China together accounted for buying 62% of Russia’s crude oil exports in April.
“Higher Russian crude exports in Feb/ Mar as well as lower imports by Chinese refiners have made available more volumes for Indian refiners,”’ said Singapore-based Serena Huang, head of Asia-Pacific market analysis for Vortexa, according to Business Standard.
“Given that Russian crude cargoes are likely to be more discounted than Middle East grades, Indian refiners are likely to opt for the former.”
India surpasses China to become Russia's top oil buyer in July
India has overtaken China as the largest importer of oil from Russia
Thursday, August 22, 2024, 1:40 PM -
India overtook China as Russia's largest importer of oil in July as Chinese refineries began buying less raw materials due to lower profits from fuel production.
It is noted that the share of Russian oil in total Indian imports in July was a record 44%, increasing to 2.07 million barrels per day, which is 4.2% more than in June and 12% more than a year to a year, according to sources in trade and industry.
This exceeded the July volume of Chinese oil imports from Russia, which amounted to 1.76 million barrels per day.
"India's needs for Russian oil will rise until sanctions are further tightened," a source in the Indian refining industry said.
Iraq remained the second largest supplier of oil to India in July, followed by Saudi Arabia and the United Arab Emirates.
Economic truth.
- About it reports The Moscow Times.
This exceeded the July volume of Chinese oil imports from Russia, which amounted to 1.76 million barrels per day.
"India's needs for Russian oil will rise until sanctions are further tightened," a source in the Indian refining industry said.
Iraq remained the second largest supplier of oil to India in July, followed by Saudi Arabia and the United Arab Emirates.
Economic truth.
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