India eases Russian oil buying in July, boosts Saudi imports

India eases Russian oil buying in July, boosts Saudi imports

Indian refiners lifted more term supplies from Saudi Arabia as prices were attractive while prices for Russian supplies have climbed on robust demand

A general view of a refinery at Jamnagar, some 400kms west of Ahmedabad. India shipped in 877,400 barrels per day (bpd) oil from Russia in July, a decline of about 7.3 per cent from June, with Moscow continuing as its second biggest oil supplier after Iraq. — AFP file photo

By Reuters Published: Wed 17 Aug 2022, 3:45 PM Last updated: Wed 17 Aug 2022, 5:10 PM

India’s crude oil imports from Russia in July fell for the first time since March along with its overall purchase while supplies from Saudi Arabia rebounded for the first in five months, data obtained from trade and industry sources showed.

Indian refiners lifted more term supplies from Saudi Arabia as prices were attractive while prices for Russian supplies have climbed on robust demand.

India shipped in 877,400 barrels per day (bpd) oil from Russia in July, a decline of about 7.3 per cent from June, with Moscow continuing as its second biggest oil supplier after Iraq.

Refiners in India are snapping up discounted Russian oil after some Western countries and companies shunned purchases from Moscow over