US Imports of Oil Reach Two-Year High
US crude imports to India have jumped. In October, they were at their highest since 2022. This follows the fact that the US has sanctioned reducing global imports of Russian oil. It also coincides with India's efforts to reduce its trade deficit with the US.
India has imported approximately 5.4 lakh bpd of US crude till October 27 based on Kpler data. It is the 2022 high. Export shall remain at 5.75 lakh bpd till October before falling to 4 to 4.5 lakh bpd in November.
India's Oil Supply Sources
Russia is India's biggest supplier of crude oil at the moment. Iraq and Saudi Arabia are second and third, in that order. Despite such neighboring ties, American Indian import volumes have been witnessing consistent rise for the last few months.
Strategic Shift in Energy Trade
Indian refiners are retaining more of America's oil imports, trade and government sources said. The move has been seen as a goodwill gesture to America, especially when Washington placed new sanctions on Russian energy companies.
India, diversifying the sources of oil, wants to balance geopolitical ties and increase energy security without missing out on crude supplies.
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