Crude oil Imports dip slightly in June; Russia remains top supplier
Russia continued to be India's top crude supplier, followed by Iraq, Saudi Arabia, the United Arab Emirates, and the United States. The report highlights a marginal month-on-month increase in crude imports from the US, rising to 2.98 mbd in June from 2.63 mbd in May.
In May, India's crude oil imports reached an all-time high of 23.32 million metric tonnes in May, up 10% from the previous month. Russia accounted for nearly 40% of these imports, followed by Iraq at 22%, while imports from Saudi Arabia continued to decline.
Despite the ongoing conflict in the Middle East, particularly tensions between Israel and Iran, India's crude imports from the region remained largely unaffected. While imports from the Middle East Gulf (MEG) declined slightly in June, Vortexa noted that this was likely not linked to the geopolitical situation, as there were no observed disruptions through the Strait of Hormuz. The drop, instead, appears to be driven by India increasing purchases of Russian grades like ESPO.
Import of crude from the Middle East Gulf decreased slightly m-o-m in June, but that might not be due to the Israel-Iran conflict as we did not see any disruptions in flows across the Strait of Hormuz. The drop in MEG crude intake by India last month might be due to India taking more Russian crude, particularly ESPO grade,' said said Ivan Mathews, Head of APAC Analysis Vortexa..
Meanwhile, Petroleum Minister Hardeep Singh Puri on Tuesday said that crude oil prices are expected to stabilize around $65 per barrel going forward. His remarks came after Brent crude briefly rose to $78 per barrel following the recent conflict between Israel and Iran.
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