India’s oil-buying spree hits new high  

Russian oil exports to India climbed to a new peak last month, having risen for ten consecutive months, data from commodities analytics firm Kpler showed on Monday.

Daily shipments to the South Asian country surged to 2.2 million barrels a day in June, according to Viktor Katona, head of crude analysis at Kpler.

In May, Moscow accounted for 46% of India’s total oil imports, making a sharp leap from the less than 2% mark imported prior to Western restrictions on purchases of Russian crude.

Russia-sourced oil also pushed up the share of crude India imported from Commonwealth of Independent States members, including Azerbaijan and Kazakhstan, figures show.

At the same time, Kpler warns that Indian oil imports may dip next month due to refinery infrastructure issues, which could limit its capacity to process heavy Russian crude.

Meanwhile, June deliveries from India’s traditional Middle Eastern suppliers, Saudi Arabia and Iraq, again lagged behind Moscow, as New Delhi snapped up Russian oil at hefty discounts, following a $60-per-barrel price cap imposed by Western nations.

While OPEC’s share of Indian oil imports is on the wane, Russian supplies are likely to remain high after the country’s largest oil producer, Rosneft, and India’s top refiner Indian Oil Corp signed an agreement in March to substantially increase oil supplies and diversify oil grades delivered to India.

Asia’s third biggest economy, which is also the world’s third-largest oil importer and consumer, ramped up oil purchases after Russia rerouted supplies to Asia in response to Western sanctions over the conflict in Ukraine.

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