Chinese refiners are ramping up purchases of Russia’s Urals crude--the mainstay of India’s Russian oil imports--leading to competition between the two Asian neighbours, which, among other factors, could result in New Delhi’s oil imports from Moscow peaking as early as this month.
In April, India’s import of Russian crude set a new record of 1.68 million barrels per day (bpd), accounting for 36.4 per cent of India’s total oil imports of 4.61 million bpd for the month, according to data provided by energy cargo tracker Vortexa.
In fact, India’s Russian oil imports in April were higher than the combined volumes supplied by traditional heavyweights Iraq and Saudi Arabia, which used to be the top two oil suppliers to India before Russia dethroned them to become India’s top source of oil. Indian refiners imported a cumulative 1.48 million bpd of crude oil from Iraq and Saudi Arabia in April.