SHIPMENTS of Russian oil to India jumped 15 per cent in September from a seven-month low in August, boosted by plentiful supply and price discounts, according to Paris-based EU commodities intelligence agency Kpler SAS.
Cargo arriving from Russia amounted to 1.78 million barrels a day last month, the data intelligence firm said, reported Bloomberg. The imports are likely to stay strong, according to Viktor Katona, lead crude analyst at Kpler.
There is "plentiful room" for imports from Russia to rise as the country's ban on diesel exports means domestic refiners will cut rates and more crude will be available for overseas, he said.
India mainly buys the Urals grade, which is delivered at a discount of around US$4 per barrel to Brent, making it more attractive than term supplies from the Middle East, Katona said. With the increasing availability of Russian crude, exporters may offer even greater discounts in future, he said.
Imports from Iraq, India's second-largest supplier, rose 9.4 per cent in September from a month earlier to 934,000 barrels a day, while cargoes from Saudi Arabia, the third biggest, fell 41 per cent to 491,000 barrels a day.
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