India’s imports of Russian oil reach their lowest levels in a year

India’s crude oil imports from Russia, its largest supplier, fell for the second straight month in January to their lowest levels in a year, as tough Western sanctions hit supplies of Sokol light crude, preliminary ship-tracking data showed.

According to Reuters, data showed that the third largest oil importer and consumer in the world increased its imports of Iraqi oil to compensate for the decline in Russian imports.

According to data from the London Stock Exchange Group, imports from Russia decreased by 4.2% to 1.3 million barrels per day. Data from the Vortexa ship tracking agency showed a decrease of 9% to 1.2 million barrels per day.

“The decline in discounts for Russian crude versus Middle East crude, recent US sanctions on shipowners transporting Russian crude sold above the maximum price, and rising insurance premiums on tankers as a result of the Red Sea attacks, are all… Factors that have made Russian crude less attractive to Indian refiners in the past few months.”

She added that India’s imports of Russian crude may decline further in the coming months.