Indian Macro is showing Resilience amid Global Shifting Gears

The Russia's relatively advantageous position appears to be faded to some extent amid the expensive Urals grade of the country.

- VIPIN MALIK & SANKHANATH BANDYOPADHYAY

Pandemic, inflation, and war have taken not only a toll on the global economy, but also the world economic order. The latest conflict between Israel and Hamas has added another uncertainty in the geopolitical tensions. Oil prices remain high and volatile in recent months due to the conflict in the Middle East, OPEC plus supply curbs as well as hazy global demand signals. The Russia's relatively advantageous position appears to be faded to some extent amid the expensive Urals grade of the country. In spite of the G7 price cap of $60 per barrel, almost all Russian oil is now being sold at higher prices. The share of Russian oil in Indian crude imports has dropped to 34% in Oct'23 from 39% in Sept'23. On the other hand, combined supplies from Iraq and Saudi Arabia exceeded Russian deliveries For instance, India's crude imports from Saudi Arabia has increased to 871000 barrels/day in Oct 23 from 484000 barrels/day the previous month.