Russia oil imports rise 44% in Oct '23

Russia continued to be the top source for India’s oil imports in October, accounting for nearly 30% of the crude brought into the country, official data showed. At $3.78 billion, the value of the crude oil supply from Russia increased 44% year-on-year (y-o-y) in October from $2.62 billion in October 2022. On a sequential basis, too, crude imports from that country increased 9% from $3.48 billion in September 2023, commerce ministry data showed.

- Rituraj Baruah

The increase in crude imports comes despite discounts offered by Russia staying at low levels of around $5-6 per barrel. The rise in imports in October has been backed by festive demand for petroleum products, after it dipped in September.

India’s overall oil imports also increased month-on-month, from $10.42 billion in September to $12.43 billion in October. Last October, it stood at $12.32 billion.

“Petroleum product demand generally picks up due to festive demand in October, which must have led to higher imports during the month," said Prashant Vashisht, senior vice-president and co-group head, corporate ratings, Icra Ltd. “Going ahead, however, the demand may taper somewhat."