India's crude oil imports continue to slip after earlier surge from cheap Russian supplies

The UK and EU have agreed to ban insurance for Russian oil cargoes, reports said.

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• India's demand for oil showed further signs of weakening last month after surging earlier on cheap supplies from Russia.
• India's crude oil imports totaled 19.21 million tonnes in June, down from 19.6 million in May and 21.47 million in April.
• Russia's crude shipments to China and India have fallen nearly 30% since they peaked after the war in Ukraine began, Bloomberg reported last week.

India's demand for oil showed further signs of weakening last month after surging earlier on cheap supplies from Russia.

Crude oil imports totaled 19.21 million tonnes in June. While that is up 21% from a year ago, that's down from 19.6 million in May and 21.47 million in April.

The data from India follow other signs that a buying spree of discounted Russian crude is cooling off. 

Russia's crude shipments to China and India have fallen nearly 30% since they peaked after the war in Ukraine began, Bloomberg reported last week.

In addition, Russian oil exports have fallen for five straight weeks, led by declines from India and China.

Before Russia launched its war on Ukraine in February, refiners in India typically did not buy Russian crude due to high freight costs. But steep discounts for crude — as well as for natural gas — have allowed Asia's third-largest economy to capitalize on the last several months in the energy market.

However, four cargoes carrying Russian ESPO oil made their way to India last week, where an Indian Oil Corp refinery is located. These vessels can typically travel to China much faster, and the trade is not called upon by Indian buyers often. 

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