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Gulf crudes make a comeback as Russian Urals grade turns expensive

Russian oil's share of India's overall crude import basket down 8 percentage points in October amid lower discounts

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Photo: Bloomberg

4 min read Last Updated : Oct 31 2023 | 10:58 PM IST

India's top refiners are continuing to lower their purchase of Russian oil as they see more value in converting Gulf crudes into fuel.

The share of Russian supplies in India's overall crude import basket dropped sharply to 35 per cent in October from 43 per cent in September, according to refining officials and trade data as on October 31.

Combined supplies from Iraq and Saudi Arabia, the biggest suppliers of Gulf crudes, exceeded Russian deliveries for a second time in three months, according to ship-tracking data from Paris-based market intelligence agency Kpler. Russian crude supplies had exceeded combined Saudi-Iraqi shipments

Topics : Crude Oil Rosneft Russia Oil production Saudi Arabia Oil imports Trade deals

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