After falling sequentially in June, India’s Russian oil imports in July recovered to almost touch the all-time high level of 1.93 million barrels per day (bpd) seen in May, thanks to a jump in import volumes of Moscow’s flagship Urals crude, data shared by energy cargo tracker Vortexa showed.
Going ahead, however, imports of Russian oil by Indian refiners could see some moderation due to various factors, which include export cuts by Russia and higher demand from Russian refineries, erosion in discounts offered by Moscow on its oil, and Urals breaching the G7 price cap of $60 per barrel.
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