Russia’s Crude Oil Exports to India Plunged in Recent Weeks

SEATTLE (Oil Monster): Following pressure from the Trump administration in the form of higher tariffs as a penalty for greater imports from Russia, Russian crude oil supplies to India have fallen threefold in recent weeks.

According to the latest statistics available, the average daily exports of Russian Urals crude to India in August of this year decreased to 400,000 barrels, according to the ship-tracking company Kpler. Compared to this year's average imports of 1.18 million barrels per day, this is significantly less. In June and July, the imports had also hovered around these levels on average.

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The EU banned the import of fuels refined from Russian oil in July. Additionally, it imposed limitations on Nayara Energy, the third-largest refinery in India and a joint venture of Rosneft, the Russian state oil firm.

According to reports, the refiner has only received four cargoes of Urals oil in August, and no additional deliveries are anticipated for the rest of the month. The refiner is expected to import 94,000 barrels of crude oil per day in August, which is a substantial decrease from the 366,000 barrels per day it imported during the third quarter of last year.

Due to a dramatic decline in Indian import orders, China has moved in to take up part of the Russian oil.