Russia Remains India's Top Crude Supplier in August Despite Import Dip
· Business · Times of India, LiveMint
Russia remained India's largest supplier of crude oil in August, accounting for 45 percent of total oil imports at 2.1 million barrels per day. The figure declined from a record 2.8 million barrels per day in July, driven by moderation after strong buying, scheduled refinery maintenance, and lower availability. India's overall crude imports dropped to 4.6 million barrels per day in August, nearly 8 percent lower than the previous month's over 5 million barrels per day. Meanwhile, the US emerged as the largest supplier of LPG and LNG, accounting for 51 percent and 38 percent of India's respective imports during the month. The diversification of energy imports led to higher commodity costs resulting from increased freight bills on longer voyages and higher insurance charges.
Why it matters
Higher freight bills and longer transport voyages for diversified energy imports increase commodity costs for Indian refiners and consumers.
Read the original report — Times of India
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