In December, India experienced a notable shift in its oil import dynamics, with an increase in imports from Saudi Arabia and a simultaneous decline in purchases from Russia to an eleven-month low due to payment issues. According to vessel tracking data, at least five shipments of the Sokol variant, originally intended for Indian Oil Corporation Limited (IOCL), were redirected to alternative destinations.
IOCL had to modify its inventory plans and source oil from the Middle East to compensate for the Sokol shortfall. IOCL is the only firm with an annual agreement to purchase various Russian grades, including Sokol, from the Russian oil major, Rosneft.
Analyses based on data from flow tracking agencies Vortexa, Kpler, and LSEG indicate a decline ranging from 16% to 22% in India’s oil imports from Russia in December. In contrast, imports of Saudi oil witnessed an approximate 4% increase, as reported by data from Kpler and Vortexa.
As reported by Firstpost, LSEG data specifically highlights a 22% drop in India’s monthly Russian oil imports to 1.21 million barrels per day (bpd) in December, while Kpler indicates a 16% decrease to 1.39 million bpd.
