India reverts to Gulf oil sources

Indian refineries have reduced their imports following a rise in Russian oil prices, especially Urals crude, and increased competition from China. Russian shipments are now priced close to Middle Eastern crudes, most of which have resumed supply, leading India to cut its share of Russian oil imports to about 35% in September from 56% in July. Shipments from Russia also fell to their lowest level since March 2022. At the same time, oil flows from the Arabian Gulf increased despite the heightened risks due to Iranian threats. India has benefited from shorter distances and lower shipping costs and has once again turned to Gulf sources of oil, reflecting a shift in Russian export patterns and increased competition for Gulf oil.

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