Bloomberg: India imports more oil from the Persian Gulf than from Russia for the first time since the Iran war

Indiaʼs oil imports from the Persian Gulf countries have exceeded supplies from Russia for the first time since the start of the Iran war.

Bloomberg writes about this.

According to data from analyst firm Kpler, crude oil shipments from the Persian Gulf to India rose to 2.1 million barrels per day in November, while Russian oil imports were 1.8 million barrels per day during the same period.

Daily oil shipments through the Strait of Hormuz to India fell to 247 000 barrels per day in April, down from 2.8 million barrels in February. Major Gulf producers are now shipping volumes close to pre-war levels, according to Bloomberg. Combined exports from Saudi Arabia, the United Arab Emirates, Iraq and Kuwait rose to 15.53 million barrels per day in October, roughly in line with levels at the start of the year.

At the same time, exports from Russia have fallen, falling by 40 000 barrels per day to 3.63 million in the four weeks to November 8. Middle Eastern oil producers offer competitive prices and transport crude through the Strait of Hormuz, reloading it onto tankers from buyers outside the strait.

At the same time, Russian oil has risen in price due to rising freight costs and longer routes.

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