business ⛽ Russian oil deal heating up for India
India's crude imports dipped in August, and Russia's share saw a decline, indicating a supply issue beyond seasonal refinery patterns. In August, India imported 2.08 million b/d of Russian crude, down from 2.8 million b/d in July, while total crude imports were 4.7 million b/d. Higher fuel margins led refiners to postpone monsoon maintenance, and domestic demand stayed surprisingly strong. The core issue is Russia exporting less crude overall, as China competes more aggressively for available cargoes. It remains to be seen if this is a short-term dip or the start of scarcer and costlier Russian barrels for India. ⛽