International Business: India boosts Saudi oil imports – Gulf Digital News

International Business: India boosts Saudi oil imports – Gulf Digital News

NEW DELHI: 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 time 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 its late-February invasion of Ukraine.

Overall India, the world’s third biggest oil importer and consumer, shipped in 3.2pc less oil in July at 4.63 million bpd from June as some refineries planned maintenance turnaround from August, the data showed.

India’s oil imports from Saudi Arabia rose by 25.6pc to 824,700 bpd in July, the highest in three months, the data showed, after the producer lowered official selling price (OSPs) in June and July compared with May. Saudi Arabia stayed at number three spot among India’s