India’s imports of crude oil fell by 9.6% in the third quarter of 2022

Imports of crude oil from India decreased in the third quarter by questyear of about 467,000 bpd, a decline of about 9.6% from Q2 2022 levels, to reach about 4.4 million bpd, which is a high of about 400,000 bpd compared to data for the same quarter last year.

According to the third quarter Global Petroleum Situation Report of questFor the year, published by the organization “OAPEC”, the drop in imports from India is due to the drop in maintenance work at refineries, whose production has decreased, recording the lowest level since October 2021 .

On the other hand, Russia’s share in crude oil imports from India increased in September 2022 to an all-time high of 23%. India has emerged as the second largest buyer of Russian oil after China, taking advantage of its low prices in light of rising geopolitical tensions in Eastern Europe due to the Russian war in Ukraine.

Indian imports of petroleum products decreased by around 100,000 b/d, or 10% from the previous quarter’s levels, to around 900,000 b/d, in decrease of about 109 thousand barrels per day compared to the levels of the same quarter last year.

On the export side, the report revealed that India’s petroleum product exports fell by around 167,000 b/d, or 11.9% from the previous quarter’s levels, to reach around 1.2 million b/d. day, a high level of about 33,000 barrels per day on an annual basis.

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