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India’s oil imports from Riyadh in September were at around 556,185 bpd, down nearly a third from August volumes. Between January 2022 and August 2023, the import volumes averaged at over 750,000 bpd.
Surprisingly, the anticipated OSP increase for Saudi crude to Asia didn’t materialize, with Saudi Arabia becoming more cautious not to destroy demand in its key market
India, the world's third biggest oil importer and consumer, also raised imports from Iraq while taking less Saudi oil, the data showed.
Cheaper Russian crude compared to Middle Eastern alternatives has prompted Indian refiners to import more crude from Russia in September compared to a seven-month low in August
The price of oil varies depending on the grade and the market, but Saudi Arabia is charging a premium for its oil, which is now approaching US$100 a barrel.