India increases crude oil imports from its conventional suppliers, including Saudi Arabia and Iran on India’s growing oil demand in September. India’s crude oil imports from Saudi Arabia grew by 37% where its imports from Iraq grew by 16%, according to the date from energy cargo tracker Vortexa.

India imported 688,000 bpd in September from Saudi Arabia from 501,000 bpd in August, whereas Iraq supplied 894,000 bpd of crude oil in September against 771,000 bpd in the month of August. 

However, Russia still remains the country’s top crude supplier, with over 1.79 million bpd, accounting for 38% of India’s total oil imports. Earlier in August, India imported 1.61 million bpd from Russia. 

India’s crude oil imports rose by 12.7% in September, reaching 4.7 million barrels per day. The demand is expected to climb further with the festive season approaching, pushing Indian refiners to seek more supplies.

India relies on imports for over 85% of its crude oil needs. A decline in crude prices during the latter half of the year could benefit state-run oil marketing companies like BPCL, IOCL, and HPCL by boosting their refining margins due to reduced input costs.

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