India's imports of Russian oil has reached a peak for the rest of the year due to infrastructural capacity limitations and curtailed exports from Russia.
However, the volume of crude oil consumed and processed by India's refineries has now hit a "seasonal peak" and would only trend downwards from here, Shah told CNBC in an email.
"For the first time this year, some of Indian refiners will be undergoing maintenance which was just not the case in January to May 2023 when there were no turnarounds at all. Everyone was firing on all cylinders," said Kpler's lead crude analyst, Viktor Katona. Fuel demand in India, the world's third largest oil consumer, usually enters a lull during the four-month monsoon season. India's total oil demand in June slipped 3.7% month-on-month to 19.31 million tonnes, according toAny additional supply coming out of Russia … that flows into Asia, I suspect it's done. It's maximum amount now.However, June still marked the 10th consecutive month-on-month increase in India's imports of Russian crude, Kpler's data showed.
And that's the highest volume that India's imports of Russian oil can go — at least for the rest of the year, according to his predictions.
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