New Delhi: India’s imports of Russian crude oil fell 16.5% in August to about 2.1 million barrels per day, while preliminary data suggests imports could decline further in September.

Reuters reported that Middle Eastern suppliers increased their role as Indian refiners diversified purchases. Iraqi oil imports also rose sharply, while refiners were turning to spot markets for upcoming supplies. citeturn0news31

Energy Security

India is the world’s third-largest oil importer, making the diversification of crude supplies important for energy security and domestic fuel costs.

Global Oil Market Impact

Changes in India’s buying patterns can influence global crude flows because of the country’s large import requirements.

External source: Reuters

Internal: International News

Imran Siddiqui

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