India cuts back on costly Russian crude as West Asia flows recover
Moscow’s share of India’s crude imports have fallen to about 35% in September from as high as 56% in July
Indian refineries have reduced their purchases of Russian crude for November delivery as competition from China drives up prices and alternative shipments from West Asia become more attractive. The higher prices for Russia's Urals crude, loaded in the Baltic Sea, are prompting the shift, according to industry sources. Despite pressure from Washington on India to cut Russian imports, the oil ministry has not intervened.
West Asian oil supplies have recovered to nearly 80% of pre-war levels, benefiting from shorter shipping routes and lower costs, making them more appealing for Indian buyers.
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Also reported by 1 other outlet
- West African crude trades at biggest discount in over a decade nairametrics.com
