India’s crude oil is imported from Russia. Government data showed November was the most expensive in a year, reflecting lower discounts on fuel.
Refiners in the world’s third-largest oil consumer paid an average of $85.90 a barrel for shipments from its biggest supplier, up 1.8% from $84.46 in October.
Barrels from Iraq and Saudi Arabia, India’s second and third largest suppliers, were at $85.70 and $93.30 respectively in November as benchmark prices declined.
India’s oil minister said less attractive discounts rather than payment constraints forced refiners to look for alternative crude sources. Hardeep Singh Puri said on Wednesday.
While India’s imports from Russia rose 6.2% to 1.68 million barrels per day in November, imports from Iraq surged 21.4% to cross 1 million barrels for the first time since February, according to data intelligence provider Kpler.
Shipments from Russia to India fell to 1.48 million barrels per day in December, according to Kpler, as six tankers carrying Sokol grade oil from the country’s Far East could not make deliveries due to tightened sanctions.
Refiners in the world’s third-largest oil consumer paid an average of $85.90 a barrel for shipments from its biggest supplier, up 1.8% from $84.46 in October.
Barrels from Iraq and Saudi Arabia, India’s second and third largest suppliers, were at $85.70 and $93.30 respectively in November as benchmark prices declined.
India’s oil minister said less attractive discounts rather than payment constraints forced refiners to look for alternative crude sources. Hardeep Singh Puri said on Wednesday.
While India’s imports from Russia rose 6.2% to 1.68 million barrels per day in November, imports from Iraq surged 21.4% to cross 1 million barrels for the first time since February, according to data intelligence provider Kpler.
Shipments from Russia to India fell to 1.48 million barrels per day in December, according to Kpler, as six tankers carrying Sokol grade oil from the country’s Far East could not make deliveries due to tightened sanctions.
