Commodities
India's Russian Oil Supplies Pinched by China's Increased Demand
India's refineries are facing a challenge as top-ranked China resumes buying more Russian crude amid supply disruptions caused by the ongoing Iran conflict.
The conflict has led to sharply lower Chinese imports of Iranian crude, with Kpler estimating August arrivals at around 340,000 bpd.
This development is affecting India's oil imports from Russia, which are estimated at 1.87 million bpd in August, down from 2.79 million bpd in July and 2.73 million bpd in June.
India generally receives the bulk of its Russian crude from European ports, but China's increased demand is leading to a reduction in available supply for India's refineries.