Highlights

  • In June, the price of a barrel, including freight, was $68.17
  • In May, the price of a barrel, including freight, was $70.17

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Russian crude cost to India hit its lowest since the Ukraine conflict, at $68.17/barrel in June from $70.17 in May, marking a significant dip from $100.48/year earlier

Russian Oil deliveries to India hit 14-month price low in June

The cost of Russian crude oil delivered to Indian shores in June marked a notable decline, hitting the lowest point since Moscow's invaded Ukraine over a year ago.

According to the most recent data released by India's Ministry of Commerce and Industry, the price per barrel, inclusive of freight expenses, settled at $68.17. This figure represented a decrease from the May price of $70.17 and a substantial drop from the $100.48 seen a year prior.

India has emerged as one of the foremost purchasers of reasonably priced Russian crude oil following the conflict, alongside China.

Data analysis from Kpler unveiled a recent downtrend in Indian imports during the past two months. Flows are projected to decrease even further in August, as the OPEC+ producer fulfils its commitment to curtail exports. Nonetheless, Kpler anticipates a resurgence in shipments to India starting October.

The Indian approach involves procuring Russian crude oil on a delivered basis, which includes insurance, freight, and additional miscellaneous expenses.

This strategy transfers the responsibility of handling logistics and transportation risks to the seller, regardless of whether the shipment aligns with or surpasses the price cap.

Also Watch: India's imports of Russian oil reach a new high


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