Breaking News: Sharp Decline in India's Crude Oil Imports from Saudi Arabia

Sharp Decline in India's Crude Oil Imports from Saudi Arabia

Breaking News: Sharp Decline in India's Crude Oil Imports from Saudi Arabia

New Delhi,- India has witnessed a significant drop in crude oil imports from Saudi Arabia in September, with a staggering decrease of 36 percent. According to data from Vortexa, an energy cargo tracker, this major decline has become the focal point in India's crude oil import pattern for this month.

The decline in crude oil imports from Saudi Arabia follows the official announcement of an extension of the production cut by one million barrels per day (bpd) until December 2023. In September, Saudi Arabia supplied only 547,000 barrels per day (bpd) of crude oil to India, compared to 855,000 bpd in the previous month. Meanwhile, India has experienced an increase in crude oil imports from other countries such as Russia and Iraq.

Russia continues to be the top supplier of crude oil to India, providing 1.5 million bpd in September and constituting 38 percent of India's total oil imports. Since Moscow deployed troops to Ukraine in February 2022, Russia has taken the top position as India's crude oil supplier, surpassing Saudi Arabia and Iraq.

Additionally, India's crude oil imports have also increased from Iraq and the United States in September. India imported 946,000 bpd of crude oil from Iraq, marking an increase from 854,000 bpd in August. Meanwhile, crude oil imports from the United States reached 217,000 bpd in September, compared to 166,000 bpd in the previous month.

Despite the decline in imports from Saudi Arabia, India's total crude oil imports remained stable in September, reaching 4.19 million bpd. India imported crude oil from various countries, including Russia, Iraq, the United States, the United Arab Emirates, and several others.

Data from the Petroleum Planning and Analysis Cell (PPAC) of the Indian Ministry of Oil indicates that India's crude oil imports have remained stable in the current fiscal year, aligning with the previous year. India has imported a total of 98.4 million metric tons of crude oil in the first five months of this fiscal year, slightly lower than the 99 million metric tons in the same period last year.

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This situation reflects a shift in India's sources of crude oil imports and provides insight into the ever-changing dynamics of the global crude oil market. We will continue to monitor these developments and provide further updates as they unfold.

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