Reference News Network, October 18 report: According to TASS on October 17, the Press Trust of India cited Kepler's company's statement that due to the increased demand for energy in India, the country accelerated the speed of oil imports from Russia during the first half of October.
Kepler Company said that the acceleration of Urals crude oil and other Russian crude oil supplies to India was influenced by falling oil prices and improved logistics efficiency. Data shows that during the first half of October, India imported an average of about 1.8 million barrels of oil per day from Russia, which is about 250,000 barrels more than the daily average import volume in September.
Analysts at Kepler Company pointed out: "This indicates that Russian oil remains deeply integrated into India's energy system due to economic and contractual reasons, as well as the strategic cooperation with Russia." Due to attractive discounts of up to $5 per barrel, and high gross margins of Urals and other varieties of crude oil, Russian oil still plays an important role in India's energy structure, accounting for about 34% of its total imports.
Kepler Company stated that New Delhi is achieving diversification of overseas oil supply sources, which is not aimed at replacing Russian oil in the short term, but to enhance its energy security and increase the flexibility of supply. The company said that although India's energy imports from the United States may increase, due to logistical challenges in large-scale transportation and compatibility issues between U.S. crude oil and Indian refining processes, its imports can only reach up to about 400,000 to 500,000 barrels per day at most.
India is one of the world's largest oil importers. In 2024, India's oil imports increased by 2.3%, reaching 240 million tons.
The United States imposed a 50% import tariff on Indian goods and services starting at the end of August, citing India's purchase of Russian crude oil and petroleum products. The Indian Ministry of Foreign Affairs called this move unfair.
Recently, US President Trump claimed that Indian Prime Minister Modi had told him that India is prepared to stop buying Russian oil. The Indian Ministry of Foreign Affairs spokesperson stated that the Indian Ministry of Foreign Affairs does not have information about any recent contact between Modi and Trump. (Translated by Zhao Zhipeng)
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