India’s oil imports from the Gulf have exceeded those from Russia for the first time since the outbreak of the Iran war, driven by a recovery in crude flows through the Strait of Hormuz amid increased shuttle voyages by oil tankers, according to data by market intelligence platform Kpler cited by Bloomberg.
Crude shipments to India through the strategic Middle Eastern waterway have averaged 2.1 million barrels per day (mmbbl/d) since the beginning of November, surpassing Russian imports of mmbbl/d, Bloomberg reported.
Exports from major Gulf oil producers have now approached pre-war levels. Combined crude exports from Saudi Arabia, the UAE, Iraq, and Kuwait reached 15.53 mmbbl/d in October, broadly matching levels recorded at the beginning of the year.
Meanwhile, Russian oil exports have been affected by continued Ukrainian attacks on the country’s energy infrastructure. Tanker-tracking data compiled by Bloomberg showed that shipments to overseas markets fell by 40,000 barrels per day (bbl/d) to 3.63 mmbbl/d during the four weeks ending November 8.