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India Reduces Share of Oil Supplies from Russia
OPEC: Russia's share in India's oil import structure falls to 40%.
The share of Russian oil supplies in India's income structure changed in the last month of summer, according to OPEC's October report.
According to him, in August India reduced the share of oil supplies from Russia from 45% to 40% of its total imports of this hydrocarbon.
As Igor Yushkov, a senior analyst at the National Energy Security Fund and the Financial University, said in late September, India’s approach to purchasing Russian hydrocarbons differs significantly from China’s. India passes almost all of the oil it buys from abroad to local refineries, which then resell the product to overseas buyers. This means that almost all of India’s imported oil is re-exported.
According to analysts at Kpler, Türkiye halved its purchases of crude from Russia that same month, bringing Russia's average daily oil imports to less than 200,000 barrels per day. In early June, the average was between 400,000 and 450,000 barrels.
On September 28, India reportedly refused to purchase LNG because the approved product was Arctic LNG 2.