NEW DELHI, Sept 5 (Reuters) – The common value of Russian oil delivered at Indian ports in July dropped to the bottom since Moscow’s invasion of Ukraine in February final yr, in line with Indian authorities knowledge.

India obtained Russian oil at a mean value of $68.09 per barrel in July, marginally down from $68.16 in June and sharply decrease than $99.58 in July 2022, in line with Reuters’ calculations primarily based on the most recent knowledge posted on Indian commerce ministry’s web site.

Refiners in India largely purchase Russian oil on a delivered foundation with sellers arranging for transport and insurance coverage.

The common value of Russian oil in July was decrease than that from Iraq and Saudi Arabia. The value of oil from Iraq and Saudi Arabia in July averaged $72.69 and $81.68, respectively, the info confirmed.

India relies on imports to satisfy greater than 80% of its total oil wants and barely purchased Russian oil previously because of excessive transportation prices.

The nation has emerged as the largest purchaser of seaborne Russian crude since Moscow’s invasion of Ukraine greater than a yr in the past.

However, India’s imports of oil from Russia dropped in August to a seven-month low, commerce movement knowledge by Kpler and Refinitiv exhibits, as refiners lower purchases because of upkeep outages and narrowing reductions.

India’s month-to-month imports of Russian oil have been declining since June as reductions started to shrink.

Discounts on Russian oil for October loading are under $5 per barrel, dissuading some consumers from purchases because the oil value at Russian ports surged above the $60 a barrel ceiling fastened by western nations to chop Moscow’s oil income.

Indian refiners may lower imports of Russian oil because of narrowing reductions and cost issues, a authorities supply mentioned in July.

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