India's Crude Oil Imports from Russia Decline

India's crude oil imports from Russia decreased by 17% in August, falling to 1.64 million barrels per day, attributed to lower supplies from Russia and maintenance at domestic refineries. Despite this decline, Russia remained India's largest supplier, but its share of crude imports dropped from 43% in July to 39%. Concurrently, imports from Iraq and the United States saw increases of 14% and 60%, respectively, as Indian refiners sought lighter grades of crude. Overall, India's total crude oil imports decreased from 4.61 million barrels per day in July to 4.17 million in August. Analysts anticipate a recovery in Russian crude supplies and Indian imports as refinery operations normalize in October, coinciding with a seasonal uptick in demand. The economics of Russian oil exports to India are also favorable, with freight rates at their lowest since the imposition of price caps by Western nations.