DH Latest NewsDH NEWSLatest NewsIndiaNEWS

India’s crude oil imports from Russia dipped for first time in nine months

New Delhi: India’s July crude oil imports from Russia dipped for the first time in nine months. The crude oil imports from Saudi Arabia declined to their lowest in 2-1/2 years. Russian oil imports declined 5.7% to 1.85 million bpd and Saudi shipments fell by 26% to 470,000 bpd. India’s overall imports also declined 5.2% from June to 4.4 million bpd oil in July.

As per experts, the rising crude oil prices and the reduced output and crude oil shipments from Russia and Saudi Arabia is the main reason for this. Saudi Arabia volunteered to cut output by another 1 million barrels per day (bpd) from July through September, and Russia will reduce exports in August by 500,000 bpd. This decision was taken as part of a deal among members of the Organization of the Petroleum Exporting Countries and its allies, a grouping know as OPEC+.

Also Read: Commodity Market: Gold prices edge higher marginally 

India is the  third-biggest oil importer in the world. India imports more than 80% of its overall oil needs.



Post Your Comments

Back to top button