The December issue of the World of Petroleum and Bitumen
WPB: India’s oil import data for November shows that the Middle East’s share surged to its highest level in nine months, while Russia’s share dropped to its lowest in three quarters.
Indian refiners continue to purchase discounted Russian oil despite challenges posed by Western sanctions. However, data revealed that India’s Russian oil imports fell by 13% in November compared to October, reaching 1.52 million barrels per day (bpd), accounting for about 32% of India’s total crude purchases.
As the world’s third-largest oil importer and consumer, India imported 2.28 million bpd of Middle Eastern crude in November, a 10.8% increase from October, making up approximately 48% of the country’s total oil imports.
Some Indian refiners reduced Russian oil purchases due to maintenance activities at their facilities and continued sourcing oil from Middle Eastern producers under annual contracts.
Russian oil exports from its western ports declined in November due to higher domestic refinery demand. Additionally, Russia, a member of the OPEC+ group, has pledged to further cut its oil production by the end of 2024 to offset previous overproduction.
In November, India imported about 4.7 million bpd of crude, reflecting a 2.5% increase from October and a 5% rise compared to November 2024.
Russia remains India’s largest oil supplier, followed by Iraq and Saudi Arabia in second and third positions, respectively.
The rise in Middle Eastern oil purchases helped OPEC’s share of India’s oil imports climb to 53%, the highest in eight months.
According to Reuters, the share of oil imports from Commonwealth of Independent States (CIS) countries—including Russia, Kazakhstan, and Azerbaijan—fell from 40% in October to 35% in November.
By WPB
India, Oil, Imports, Bitumen
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