AIRLINK 86.21 Decreased By ▼ -0.99 (-1.14%)
BOP 4.97 Decreased By ▼ -0.05 (-1%)
CNERGY 4.08 Decreased By ▼ -0.01 (-0.24%)
DFML 37.22 Decreased By ▼ -0.68 (-1.79%)
DGKC 91.20 Decreased By ▼ -2.68 (-2.85%)
FCCL 22.99 Decreased By ▼ -0.78 (-3.28%)
FFBL 33.74 Increased By ▲ 1.07 (3.28%)
FFL 9.19 Decreased By ▼ -0.06 (-0.65%)
GGL 10.05 Increased By ▲ 0.02 (0.2%)
HASCOL 6.25 Decreased By ▼ -0.29 (-4.43%)
HBL 126.25 Increased By ▲ 4.33 (3.55%)
HUBC 158.29 Increased By ▲ 12.64 (8.68%)
HUMNL 11.08 Increased By ▲ 0.58 (5.52%)
KEL 4.64 Decreased By ▼ -0.10 (-2.11%)
KOSM 4.09 Decreased By ▼ -0.10 (-2.39%)
MLCF 38.25 Decreased By ▼ -0.55 (-1.42%)
OGDC 133.40 Decreased By ▼ -1.61 (-1.19%)
PAEL 25.40 Increased By ▲ 0.32 (1.28%)
PIBTL 6.22 Decreased By ▼ -0.05 (-0.8%)
PPL 119.25 Decreased By ▼ -0.43 (-0.36%)
PRL 24.58 Increased By ▲ 0.48 (1.99%)
PTC 12.28 Increased By ▲ 0.06 (0.49%)
SEARL 59.32 Decreased By ▼ -0.48 (-0.8%)
SNGP 65.60 Increased By ▲ 0.60 (0.92%)
SSGC 9.87 Decreased By ▼ -0.18 (-1.79%)
TELE 7.85 Decreased By ▼ -0.02 (-0.25%)
TPLP 9.49 Decreased By ▼ -0.25 (-2.57%)
TRG 63.80 Decreased By ▼ -0.50 (-0.78%)
UNITY 27.26 Increased By ▲ 0.21 (0.78%)
WTL 1.28 Decreased By ▼ -0.04 (-3.03%)
BR100 8,341 Increased By 31.1 (0.37%)
BR30 26,457 Increased By 506.8 (1.95%)
KSE100 78,810 Increased By 9 (0.01%)
KSE30 25,474 Increased By 35.6 (0.14%)

NEW DELHI: India’s Russian oil imports rose a nine-month high in April after shipments on non-sanctioned tankers operated by Russia’s largest shipping company Sovcomflot resumed, tanker data obtained from shipping and trade sources showed.

Refiners in India briefly stopped importing Russian oil in tankers belonging to Sovcomflot after the company’s ships, along with its 14 tankers, were designated by Washington in February as being in breach of Western sanctions.

The West has imposed the sanctions against Russia since it invaded Ukraine in 2022 and has enacted price caps on oil and oil products loaded at Russian ports aimed at cutting Moscow’s oil revenue that funds the war.

India, the world’s third-biggest oil importer and consumer, is the top client for Russian seaborne oil.

In April, the first month of the fiscal year 2024/25, Indian refiners shipped in nearly 1.8 million barrels per day (bpd) of Russian oil, up about 8.2% over the previous month, expanding Russia’s share in India to about 38% from 32% in the previous month, the data showed.

Overall, India imported 4.8 million bpd of oil in April, a decline of 6.5% from the previous month and marginally higher than April 2023. Russia continued to be the top oil supplier to India followed by Iraq and Saudi Arabia.

India’s Feb Russian oil imports edged up from January

However, increased purchases of Russian oil dented Indian refiners’ overall purchase of Iraqi and Saudi Arabian oil during the month, dragging down the share of Middle Eastern oil to 41% from 46% in March, the data showed.

Lower imports from the Middle East further reduced the Organization of the Petroleum Exporting Countries’ share in India’s crude basket to 46% in April from 53% in March, the data showed.

Higher imports of Russian oil boosted the share of oil from the Commonwealth of Independent States, comprising Kazakhstan, Azerbaijan and Russia, in India’s imports to 41% last month from 37% in March.

Comments

200 characters