In August, Indian state refiners showed a significant decline in their intake of Russian oil, taking 30% less than in the previous month. The figures reveal that these refiners imported 852,000 barrels per day of crude oil from Russia in August, causing some concerns among industry experts. In contrast, private sector refiners bucked this trend, increasing their intake of Russian oil to 617,000 barrels per day in the same month. These contrasting trends have raised questions about the factors driving India's crude oil imports and the impact they might have on the country's economy.
1. Indian state refiners imported 30% less Russian oil in August compared to the previous month.
2. Private sector refiners, on the other hand, increased their intake of Russian oil in August.
3. The decline in Indian state refiners' oil intake can be attributed to a major refining unit's maintenance shutdown.
4. The reduction in private sector refiners' consumption was partly due to the rise in crude oil prices.
5. Despite the drop, India remains one of the largest importers of Russian oil, emphasizing the significance of this trade relationship.
Indian state refiners imported 30% less Russian oil in August, while private sector refiners increased their intake by 617,000 barrels per day in the same month.
barrels per day marked a decrease of 11% from the previous month. The decline in Indian state refiners' oil intake can be attributed to the maintenance shutdown of a major refining unit. Additionally, the reduction in private sector refiners' consumption can be partly attributed to the rise in crude oil prices, which prompted some companies to cut back their purchases. However, despite the drop in oil intake, India remains one of the largest importers of Russian oil, highlighting the significance of this trade relationship between the two countries.