India's thirst for Russian oil is easing.

According to data company Kpler, in August 2023, India - the world's third-largest oil consumer - reduced its oil imports from Russia to 1.57 million barrels per day, a 24% decrease compared to the previous month.

India has drastically reduced its oil imports from Russia. (Source: Getty Images)

Thus, August marks the third consecutive month that New Delhi has reduced its imports of Russian oil, and it is the month in which India has imported the least amount of Russian oil since the beginning of this year.

Indian refineries also cut imports from Iraqi suppliers by 10%, to 848,000 barrels per day. Part of that volume was replaced by a sharp increase in imports from Saudi Arabia. Oil shipments from Saudi Arabia to India increased by 63% in August compared to the previous month, reaching 852,000 barrels per day.

India's consumption of Russian crude oil has surged since last year, peaking at 2.15 million barrels per day in May 2023, as refineries scrambled for heavily discounted shipments.

However, the Mangalore refinery and petrochemical plant in Karnataka state, southwestern India, with a capacity of 301,000 barrels per day, has reduced its imports by two-thirds.

Viktor Katona, a leading crude oil analyst at Kpler, noted that purchases by Mumbai-based Reliance Industries Ltd. have fallen to 1.1 million barrels per day, down from a typical average of 1.2-1.3 million barrels. This is due to the company's plan to close a crude oil distillation unit in September.

Source: https://baoquocte.vn/con-khat-dau-nga-cua-an-do-ha-nhiet-240404.html