NEW DELHI, Aug 22 (Reuters): India overtook China as the world's biggest importer of Russian oil in July as Chinese refiners bought less because of lower profit margins from producing fuels, a comparison of import data showed.
Russian crude made up a record 44 per cent of India's overall imports last month, rising to a record 2.07 million barrels per day (bpd), 4.2 per cent higher than in June and 12 per cent more than a year ago, data on Indian shipments from trade and industry sources showed.
That surpassed China's July oil imports from Russia of 1.76 million bpd via pipelines and shipments, based on Chinese customs data.
Indian refiners have been gorging on Russian oil sold at discounts after Western nations imposed sanctions against Moscow and curtailed their energy purchases in response to Russia's invasion of Ukraine.
"India's requirement for Russian oil is going to go up as long as there are no further tightening of sanctions," an Indian refining source said.
India's rising purchases are changing the flow of Russian ESPO Blend crude from traditional Chinese buyers to South Asia.
India surpasses China to become Russia's top oil buyer in July
FE Team | Published: August 22, 2024 23:40:17
India surpasses China to become Russia's top oil buyer in July
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