India’s Declining Oil Imports: Impact on Russia, Saudi Arabia and Iraq

EOA’e Main Takeaways

• The decline in India’s crude oil imports would limit oil price increases in the next few weeks. However, exports of petroleum products are expected to decline too.

• Saudi Arabia and Russia needed to extend the voluntary production cut to September

India’s crude imports from Russia and some Middle Eastern suppliers are likely to further decline this month amid production cuts from OPEC+. Last month, India’s imports from Russia fell to 2.06 million barrels per day (b/d) from 2.11 mn b/d in June, data from Kpler seen by the EOA showed. This month, Russia is expected to voluntarily reduce output by 500,000 b/d, as Saudi Arabia has decided to extend its voluntary cut of 1 mn b/d for another month to include September, and it could also be “extended or extended and deepened,” according to the Saudi Press Agency (SPA). In today’s report, we look at India’s crude oil imports with a focus on the three top suppliers, and the new changes amid the recent developments in the oil market.

India’s Crude Imports from Russia