S&P Global Commodity Insights: India's unwavering appetite for Russian crude lifts Oct inflows to multiyear highs

Press Release

16-11-2022

India's appetite for Russian crudes in October rose to levels not seen in recent years and surpassed volumes shipped by leading Middle Eastern suppliers, as refiners rushed to snap up plentiful cargoes ahead of any potential shipping or policy hurdles once the EU's sanctions kick in, analysts told S&P Global Commodity Insights.
From a market share of less than 1% in India's import basket before the start of the Russia-Ukraine conflict, Russia's share of India's imports rose to 4.24 million mt, or nearly 1 million b/d, in October, taking a 21% share comparable to that of Iraq and higher than Saudi Arabia's share of around 15% in the country's import basket in the same month, S&P Global data showed.
"Since the voyage time to India from Russian ports ranges from 2-5 weeks, the crude that arrived in October must have been purchased months in advance," said Shreyans Baid, senior oil analyst for South Asia at S&P Global Commodity Insights.
"But future purchases of Russian crudes by Indian refiners will depend on how the EU ban shapes up the seaborne trade and whether Russian crudes make economic sense given high freight rates and the market structure," he added.
"As the refineries start up from planned maintenance schedules, Indian crude imports have seen a jump in October and are likely to stay healthy in upcoming months," Baid said. "Despite the jump in Russian crude inflows, overall, the Middle East as a region still remains the largest supplier of crudes to India, with a combined share of close to about 55%."
The rising share of Russian crude sales to India has also taken a toll on the country's appetite for African crudes. This, combined with a tighter market structure, as well as increased volatility in freight markets have led to the share of West African crudes dropping from 12.5% in January-September 2021 to 8.4% in the same 2022 period.

Previous News

Tide to increase India headcount to over 400 in 2021

Switch to solar, will be cost-effective: Gadkari to MSMEs

Latest News
Highlights

Telecom 11-10-2023

Samsung Announces Exciting Cashback and Affordability Offers on Galaxy A Series Smartphones for Festive Season

Gurugram, India – October 11, 2023: Samsung announced exciting offers

Tech-trends 11-10-2023

HMD Nokia G42 5G (16GB+256GB) Variant Launched: With Snapdragon 480 Plus 5G Chipset Powers & Stylish Colours

Bangalore, 10th October 2023: The Nokia G42 5G (16GB+256G

Travel 11-10-2023

IN-SPACe unveils Decadal Vision & Strategy for Indian Space Economy

Bengaluru, October 10, 2023 IN-SPACe (Indian National Space Promotion and

Business 09-10-2023

Philips OneBlade Partners with College Rivals for an Epic Gaming Journey Enabling Gen Z to ‘Move Fearlessly’

New Delhi, October 3, India- Philips India announces an exciting co

Tech-trends 11-10-2023

HMD Nokia G42 5G (16GB+256GB) Variant Launched: With Snapdragon 480 Plus 5G Chipset Powers & Stylish Colours

Travel 11-10-2023

IN-SPACe unveils Decadal Vision & Strategy for Indian Space Economy

Business 09-10-2023

Philips OneBlade Partners with College Rivals for an Epic Gaming Journey Enabling Gen Z to ‘Move Fearlessly’

Rest-of-India 09-10-2023

Indian Space Conclave 2023 to unite Global Leaders to Shape the Future of Space

Business 03-10-2023

Nokia 2660 gets UPI Scan & Pay Feature, including the existing users

Business 12-08-2023

TECNO Showcases its Signature Series at the World of TECNOlogy

Living-in-India 11-08-2023

Tagbin Unveils ‘Meri Maati Mera Desh’ Web Platform in Commemoration of India's 76th Independence Day

Tech-trends 11-08-2023

Protectt.ai Unveils New Version of AppProtectt - Mobile App RunTime Security Platform (XDR), Extended Threat Detection & Response to Safeguard Sensitive Mobile Apps

SocialMedia 11-08-2023

ABP Network breaks the internet, zooms past 100 million subscribers on YouTube

Business 11-08-2023

Samsung Announces Early Deliveries of Galaxy Z Flip5, Z Fold5 for Pre-booked Customers

Industries 07-08-2023

Samsung Launches Fifth Generation of Galaxy Foldables, Watch6 Series and Tab S9 Series, Pre-book Now for Exciting Offers