In November 2024, the volume of crude oil that India imported from Russia decreased, while the South Asian country increased purchases from the Middle East.
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| Russia loses oil market share in India to Middle Eastern exporters. (Source: Bloomberg) |
In previous months, India, the world's third-largest crude oil importer, continued to increase crude oil imports from Russia.
Over the past two years, New Delhi has emerged as Moscow's main oil customer, while the lure of cheaper crude has made Russia India's largest oil supplier.
However, according to ship tracking data collected by Reuters (UK) from various sources, the South Asian country imported 1.52 million barrels of crude oil per day from the land of white birch last month, down 13% compared to October 2024.
Meanwhile, India's imports from the Middle East increased by 10.8%.
At the same time, Russia's market share in the world's most populous country was around 32%, while that of Middle Eastern oil exporters increased to 48%, the highest level in 9 months.
Some Indian refiners have reduced spot purchases of Russian crude during maintenance, but continue to increase volumes committed under annual contracts with Middle Eastern producers, an official from the country’s refining industry said.
Bloomberg tanker tracking data last month also showed that Russian seaborne crude exports fell in November 2024 amid a drop in shipments to India.
Most of the decline was recorded at the western ports of the birch country on the Baltic and Black Seas, from where shipments to the South Asian country depart.
Source: https://baoquocte.vn/ly-do-an-do-khong-con-mua-dau-tu-nga-nhieu-nhat-298553.html
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