Reuters: imports of Russian oil to India fell to a minimum since January 2023.
In December, imports of Russian oil to India collapsed to a minimum of 1.38 million barrels per day, the lowest since January 2023. This was reported by Reuters, citing trade statistics.
The share of crude oil from Russia in total Indian imports fell to 27.4 percent, while the share of OPEC countries rose to 53.2 percent — the highest in 11 months.
The main reason for this trend is attributed to U.S. sanctions against the largest Russian exporters that came into effect in November. Overall, for the year, Russia's share in Indian imports dropped from 36 percent in 2024 to 33.3 percent, while OPEC's share increased from 49 to 50 percent.
According to analysts, in the first half of January, it is expected that supplies will further decline this month as Indian refiners actively seek alternative suppliers. Kpler estimates that daily imports may decrease to 1.2 million barrels per day.
Previously, the Russian Center for Price Indices (CPI) calculated that in the first 11 days of January, total maritime exports of Russian oil decreased by a third compared to December, from 455 thousand tons per day to 280 thousand.
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