India’s Russian oil imports fall 16.5% in August as Middle East supplies rise

New Delhi: Russia's share in India's oil imports fell in August, while supplies from the Middle East increased as Abu Dhabi National Oil Co (ADNOC) sold oil from the region from outside the Strait of Hormuz, data from trade sources showed.

United Arab Emirates' state-run ADNOC has strengthened its shipping operations, shuttling oil from its fields inside the Strait of Hormuz for sale from storage and export terminals at Fujairah and Sohar.

Also Read: India’s oil buyers may cut Russia cargoes as US risk rises


In addition to its own crude, ADNOC is also buying oil from neighbouring producers such as Iraq for resale.

India's Russian oil imports fell 16.5% in August from the previous month to about 2.1 million barrels per day (bpd), the data showed. Russia remained India's top oil supplier, followed by the UAE and Venezuela.

The world's third-biggest oil importer's purchase of Iraqi oil surged by about a quarter to about 171,000 bpd, the data showed.

Imports from the UAE fell 5.4% from July to about 620,000 bpd, while those from Saudi Arabia, which offered crude oil from ports outside the Strait, rose 1.5% to 328,000 bpd.

India boosted purchases of Russian oil after U.S.-Iran tensions led to a blockade of the Strait of Hormuz.

Also Read: India studying details of US tariffs on Russian oil buyers: Piyush Goyal

However, India's Russian oil imports are estimated to decline to 1.9 million bpd in September, according to preliminary data from Kpler.

Indian refiners are tapping spot markets for October and November supplies as they fear they may have to reduce purchases from Moscow to protect India's wider economic interests if U.S. President Donald Trump decides to impose up to a 100% tariff on countries buying Russian oil.

New Delhi, which is negotiating a trade deal with Washington, has said it remains "firmly committed" to ensuring energy security for its people and would continue to source supplies from diverse sellers based on market dynamics.

Overall, India's oil imports fell 8.8% in August to 4.44 million bpd, the data showed.