Russia remained the largest supplier of crude to India in August while the US supplied highest volumes of LPG and LNG according to data from maritime intelligence
and research firm Kpler. As per the data released, India purchased 2.1 million barrels of crude per day from Russia in August, accounting for 45 percent of its total oil imports. The figure, however, was less than from 2.8 million barrels in July, which was the highest ever. As per the study conducted, other top suppliers included the UAE, Saudi Arabia and Venezuela. India's overall crude imports also declined in August compared with May, June and July, when refiners ramped up purchases to guard against any shortfall in a scenario of the conflict in West Asia escalating. Crude supplies in August were estimated at 4.6 million barrels per day, nearly 8% lower than the over 5 million barrels per day imported in July. Economists believe the decline reflects moderation after strong buying in recent months, scheduled maintenance at some refineries in India and lower availability of Russian crude altogether. In fact as per the data, US emerged as the largest supplier of LPG and LNG, accounting for nearly 51% and 38% of India's total imports during the month. Of the 1.1 million tonnes of LPG imported by India, about 0.6 million tonnes of cooking and heating gas came from the US, compared with 0.9 million tonnes in July. The UAE and Algeria were other key suppliers. US also supplied 0.8 million tonnes of the 2.2 million tonnes of LNG imported by India during the month, followed by Oman and Nigeria. Interestingly, after Russia's oil-refining infrastructure was damaged from repeated Ukrainian drone strikes Moscow has been importing gasoline or petrol from India. India is estimated to have dispatched over 1 million barrels over June and July, ship tracking data indicates. According to experts, this is the first instance of Russia importing petrol from India. India, which has emerged as a major exporter of refined petroleum products, is supplying petrol to help bridge the gap. The development highlights the changing dynamics of the global oil trade, with Russia, despite being a major crude oil producer, relying on overseas refined fuel supplies. The increased India-Russia fuel trade also underscores India’s growing role in global energy markets.
