Economy
India's Oil Imports From Russia Surge In November, Rebounding From Maintenance Slump: Kpler And Vortex Data
Bhuvan Krishna
Nov 30, 2023, 05:55 PM | Updated 05:55 PM IST
Save & read from anywhere!
Bookmark stories for easy access on any device or the Swarajya app.
India's oil imports from Russia have witnessed a resurgence in November, bouncing back after several plants resumed operations following planned maintenance according to a report from The Economic Times.
Ship-tracking firms Kpler and Vortexa's preliminary data revealed the recovery, attributing it to increased fuel consumption during the Diwali festive season.
Amid a period when some Western nations had avoided Russian oil post the Ukraine invasion, India, the world's third-largest oil importer, has notably increased its purchases of discounted Russian oil.
Data from both tracking agencies indicated a 9 per cent and 5 per cent monthly rise in India's Russian oil intake in November, reaching 1.73 and 1.68 million barrels per day, respectively.
Despite the rebound, these imports remain lower than the peak of nearly 2 million barrels per day in May.
Kpler's crude analyst Viktor Katona emphasised India's post-autumn refinery maintenance recovery, highlighting the competitive edge of Urals oil over Middle Eastern term deals.
However, challenges may arise due to US sanctions on oil tankers involved in shipping Russian crude to India, potentially limiting refiners' enthusiasm.
Save & read from anywhere!
Bookmark stories for easy access on any device or the Swarajya app.
Bhuvan Krishna is Staff Writer at Swarajya.
Introducing ElectionsHQ + 50 Ground Reports Project
The 2024 elections might seem easy to guess, but there are some important questions that shouldn't be missed.
Do freebies still sway voters? Do people prioritise infrastructure when voting? How will Punjab vote?
The answers to these questions provide great insights into where we, as a country, are headed in the years to come.
Swarajya is starting a project with an aim to do 50 solid ground stories and a smart commentary service on WhatsApp, a one-of-a-kind. We'd love your support during this election season.
Click below to contribute.