AsianOil: India's September oil imports from Saudi Arabia hit multi-year low

India's crude oil imports from Saudi Arabia for the month of September have plunged to a multi-year low, with daily imports averaging around 500,000 barrels per day (bpd). This significant drop is believed to be primarily attributed to impending maintenance shutdowns at Reliance Industries Ltd's (RIL) Jamnagar refinery complex and the relative cost increase of Saudi Arabian crudes compared to competing grades. These insights were provided by the commodity market analytics and intelligence firm Kpler.

Saudi Arabia, traditionally a major source of crude oil for India, now stands as the third-largest supplier, trailing behind Russia, the leading supplier, and Iraq. The dip in oil imports has brought the relationship between Riyadh and New Delhi into sharp focus, as Saudi Arabia previously held the position of India's second-largest source of crude, just behind Baghdad.

According to Kpler data, India's oil imports from Saudi Arabia for September 2023 averaged 499,688 bpd, marking the lowest levels since November 2014.

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