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Indian refiners boost Russian crude imports
Economic Times··22 Jul
Indian refiners offloaded more than 2.3 million barrels per day of Russian crude at ports in June, with July flows near that level, Bloomberg vessel data show. Imports have surged from near zero before Russia's 2022 Ukraine invasion. The inflows come as Middle East exports fall amid Hormuz tensions and Red Sea shipping threats.
Prism
What It Means For You
- Cheaper Russian crude can help stabilise domestic fuel costs when Gulf supplies falter.
- Policy shifts on Russia sanctions could eventually affect refinery sourcing and prices.
- Energy import dependence means Middle East shipping disruptions still matter for Indian consumers.
What's Happening
- Indian refiners imported more than 2.3 million barrels per day of Russian crude in June.
- July deliveries are tracking near that level despite US sanctions on several Russian producers.
- Flows rose as Middle East exports fell amid Hormuz tensions and Red Sea shipping threats.
Cheap Urals Fill Middle East Gap
- Russian crude prices have fallen for 13 weeks and are about half their mid-April peak.
- Ukraine's refinery attacks are diverting more Russian crude into export markets.
- A pending US sanctions bill could impose tariffs up to 100 percent on top Russian oil buyers.
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