New Delhi, Juune. 20:
As the US-Iran agreement opens the door for Iranian crude oil to return to global markets after years of sanctions, Russian oil import to India is set to hit a record high in June. At the same time, Venezuelan barrels are emerging as an increasingly important diversification option for Indian refiners.
Data provided by global analytics firm Kpler to ThePrint shows India imported around 2.7 million barrels per day (mbpd) of Russian crude from 1 June to 18 June. While the Russian barrels are expected to moderate in the remaining days of the month, imports are still projected to average more than 2.25 mbpd during June, an all-time high for any month.
India’s imports of Russian barrels remained strong through June, supported by continued discounts and steady refinery demand,” Sumit Ritolia, manager for oil markets at Kpler, said. “While barrels will likely average out, June imports are expected to reach an all-time high, exceeding 2.25 mbpd.”