Increase in Indian Oil Imports from Iraq
Data analysis from "Kepler" has revealed a notable uptick in India’s oil imports from Iraq, which surged by 8.3% in February compared to January, surpassing 1.1 million barrels per day.
Decrease in Russian Oil Imports
Conversely, India’s imports of Russian oil experienced a significant decline of 14.9% from the previous month, averaging 1.4 million barrels per day during the same period.
Slight Decline in Saudi Shipments
Additionally, shipments of oil from Saudi Arabia to India decreased by 0.7% from the prior month, reflecting a broader trend in changing supply dynamics.
Shifts in Refinery Purchases
In light of reduced Russian supplies, Indian refineries, which are the third-largest oil consumers globally, have notably increased their acquisitions from Nigeria, Angola, Mexico, and Colombia, further diversifying their import sources.
Table: February Oil Import Statistics
| Country | Average Imports (Barrels per Day) | Change (%) |
|---|---|---|
| Iraq | 1.1 million | +8.3% |
| Russia | 1.4 million | -14.9% |
| Saudi Arabia | Not specified | -0.7% |
These trends underscore India’s strategic adjustments in its oil import strategy amidst fluctuating geopolitical conditions and the need for energy security.