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India revisits Gulf oil amid Russian crude decline
Indian refineries reduced their purchases of Russian oil destined for November, due to rising prices caused by increased competition from China and the availability of alternative options from the Middle East. This is attributed to the higher price premiums for Russian Urals crude, which is loaded in the Baltic Sea and is a major source of Indian imports, with price spreads exceeding $10 per barrel over the dated Brent crude, making Russian shipments more comparable in price to Middle Eastern grades and less attractive to Indian buyers. Data also showed India's share of oil imports from Russia fell to around 35% in September, down from 56% in July, with average shipments declining to their lowest level since March 2022. Meanwhile, oil flows from the Middle East through the Strait of Hormuz increased, despite escalating Iranian attacks on shipping. India benefited from shorter travel distances and lower shipping costs, which strengthened its preference for Gulf oil and led to a further decline in the share of Russian oil imports.
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