India’s purchase of Russian oil decrease

In this interview given to Abdullah Al Subaiae from Asharq Business, Dr. Carole Nakhle, CEO of Crystol Energy, discusses the decrease in India’s purchases of Russian oil and oil demand outlook. 

Dr Carole Nakhle discusses the decrease in India's purchase of Russian oil in this intnerview with Asharq Business

Key takeaways:

– Russia was India’s largest oil supplier in 2023, and India became one of Russia’s most important customers, helping the Kremlin to compensate for some of the losses in the European market.

– However, in recent months we have seen a decrease in the oil trade between Russia and India, with the latter pursuing the diversification of suppliers, for several reasons, including strategic, commercial but also political.

– The growth in non-OPEC production is largely coming from the US, Canada, Brazil and Guyana. Although that growth is expected to decelerate this year, the impact depends on demand outlook. If one follows the IEA’s projections, then the growth in non-OPEC supply will still outweigh demand growth, in contrast to OPEC’s expectations of a tight market.

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