Posted in: 19/08/2022 – 15:15
For the first time since the outbreak of the war against Ukraine, India reduced its purchases of Russian oil last July, and resorted to cheaper Saudi oil, according to Archyde.com.
Oil shipments from Russia to India averaged 877,400 barrels per day during July, which is a decrease of approximately 7.3% from June. Meanwhile, reports indicated that India’s oil imports from Saudi Arabia rose 25.6% in July to their highest level in three months.
Imports were 824,700 bpd after Riyadh lowered its official selling price to Asian customers in June and July.
It should be noted that India and China are the largest importers of Russian crude at the moment, due to Western sanctions on Moscow.
But it seems that the appetite for Russian oil has begun to diminish with the rise in its prices. Over the past week, Russian crude exports to Asia have fallen to their lowest level since the war began, with daily flows dropping to less than two million barrels per day.
But Saudi Arabia is not the only oil producer that is attracting more Asian buyers. Cheaper US crude is also attracting refiners in South Korea and India, in a sign of fierce competition between the world’s largest oil producers.