Saudi Arabia overtakes Russia to be India’s no 2 oil supplier in August

Date:

Saudi Arabia emerged as the second-biggest oil supplier to India after a three-month gap, overtaking Russia by a thin margin, while Iraq retained the top spot in August, data from industry and trade sources showed.

India, the world’s third biggest oil importer and consumer, shipped in 863,950 barrels per day (bpd) of crude from Saudi Arabia, up 4.8% from the previous month, while purchases from Russia fell 2.4% to 855,950 bpd, the data showed.

Despite Saudi’s gain, the share of oil from Organization of the Petroleum Exporting Countries in India fell to 59.8%, the lowest in at least 16 years as India cut African imports.

India has become Russia’s No. 2 oil buyer after China as others have cut purchases following Moscow’s invasion of Ukraine in late February.

India’s monthly oil imports from Russia have been declining after hitting a record in June as Russia has narrowed the discounts offered for its oil while refiners lifted more term supplies.

India’s overall crude imports in August declined to a five-month low of 4.45 million bpd, down 4.1% from July, due to maintenance at some refineries, the data showed.[REF/A]

Higher intake of Caspian sea oil, mainly from Kazakhstan, Russia and Azerbaijan, have hit India’s purchases from Africa and other countries.

African oil’s share in August halved to 4.2% while Latin America’s share fell to 5.3% from about 7.7%, the data showed.

“India’s diesel demand is lower during the monsoon season, which means low import of west African oil,” Haq said.

In August, the United Arab Emirates stayed at No. 4 while Kazakhstan replaced Kuwait to become fifth-largest oil supplier to India, followed by the United States.

Increased purchases of Saudi and Emirati oil raised Middle East’s share in India to 59% in August from 54% in July while that of CIS nations rose to about a quarter from 23%, the data showed.

Russian oil accounted for about 16% for India’s overall imports in April-August, the first five months of this fiscal year, at 757,000 bpd compared with 20,000 bpd a year earlier, or a 0.5% share, the data showed.

━ related

Shalini Singh Creates History as First Female NCC Cadet to Complete Mountaineering Course

Shalini Singh, an inspiring young woman, has made history by becoming the first female NCC cadet to successfully complete a rigorous mountaineering course. Her achievement not only breaks barriers but also serves as an inspiration for other aspiring women mountaineers, highlighting the spirit of empowerment and determination.

Dubai Emerges as India’s Top Choice for Foreign Direct Investment (FDI)

Dubai has emerged as the preferred destination for Foreign Direct Investment (FDI) from India, with a significant increase in investments across various sectors. The strategic location, favorable business environment, and robust infrastructure of Dubai have attracted Indian investors, strengthening the economic ties between the two nations.

India and Vietnam Strengthen Maritime Security Cooperation with 3rd Maritime Security Dialogue in New Delhi

India and Vietnam recently conducted their 3rd Maritime Security Dialogue in New Delhi, reaffirming their commitment to enhance cooperation in ensuring maritime security, combating maritime threats, and promoting a rules-based order in the Indo-Pacific region. The dialogue marks a significant step towards strengthening bilateral ties and regional stability.

RBI Launches “100 Days, 100 Pays” Campaign to Settle Unclaimed Deposits, Ensuring Financial Inclusion

The Reserve Bank of India (RBI) introduces the "100 Days, 100 Pays" campaign aimed at resolving unclaimed deposits by facilitating their rightful owners to claim their funds. This initiative promotes financial inclusion and emphasizes the importance of reclaiming dormant deposits for the benefit of individuals and the overall economy.

Celeste Saulo Becomes the First Female Secretary-General of WMO, Paving the Way for Gender Equality in Weather and Climate Organization

The World Meteorological Organization (WMO) welcomes Celeste Saulo as its first female Secretary-General, marking a historic milestone for gender representation in the field of meteorology. Saulo's appointment not only highlights the progress towards gender equality but also brings diverse perspectives and expertise to address global weather and climate challenges.