From Jan lows Russian oil rebounds to 45.4% of Indian crude imports in June

Russian volumes have surged amid shrinking discounts for the grades. Discounts averaged $10 per barrel on a delivered basis off Brent crude in mid-2023 compared to over $4 per barrel now

New Delhi and Moscow have apparently found a way around Western sanctions, which started escalating since last October on Russian ships and insurance companies, to boost the share of Russian crude oil in India's crude import basket to a near record in June by around 14 percentage points from a January low. Higher purchases from Russia have come at the cost of crude sourced from West Asia, according to industry sources and shipping data.

Russian oil constituted 45.4 per cent of India's overall 4.63 million barrels per day of crude purchases in June compared to 40.7 per