In April, India purchases less Saudi and more Russian oil.
01 May 2024
In April, India increased imports of Russian oil while decreasing imports from Iraq and Saudi Arabia, according to preliminary data from Kpler and LSEG. Despite geopolitical tensions, Russia remained India's top oil supplier. Indian refiners boosted overall oil purchases by 13-17% but reduced imports from Iraq by 20-23%. Russia's oil imports are projected to decrease in May. India in April imported more Russian oil but less from Iraq and Saudi Arabia than it did a month earlier, preliminary data from trade flow tracking agencies Kpler and LSEG shows.Russia remained India's top oil supplier in April followed by Iraq and Saudi Arabia, the data showed.The world's third biggest oil importer and consumer, India raised purchases in April by 13-17% compared to previous months, the data shows.Its oil imports from Iraq declined by 20-23%, the data showed. In May its imports of Russian oil are expected to decline to 1.1 million barrels per day from 1.75 million bpd in April, LSEG data showed.
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