Global Outlook

According to data from trade and shipping sources, India's imports of Middle Eastern oil hit a 19-month low in September, while imports from Russia increased despite processing disruptions that reduced overall crude imports. According to the data, Iraq continued to be the top provider, but Russia surpassed Saudi Arabia as the second-largest supplier after a month-long gap. The maintenance at refiners like Reliance Industries and Indian Oil Corp caused India's overall oil imports in September to drop to a 14-month low of 3.91 million barrels per day (bpd), down 5.6% from a year earlier, according to the statistics. According to the report, India's imports from the Middle East decreased by 16.2% from August to nearly 2.2 million bpd while imports from Russia grew by 4.6% to roughly 896,000 bpd. According to the data, the Middle East's share of India's oil imports fell to 56.4% from 59% while Russia's share increased to an all-time high of 23% from 19% the previo...