NEW DELHI: India’s crude oil imports from Russia rose to a record 16 lakh barrels per day in February and are now higher than imports from Iraq and Saudi Arabia combined. Russia remained the largest supplier of crude oil, which is converted to gasoline and diesel in refineries, for a fifth consecutive month, supplying more than a third of all oil imported by India, according to Energy Cargo Tracker Vortex.
Refineries continue to pick up abundant Russian cargoes that are available at a discount to other grades. From a market share of less than 1% in India’s basket of imports before the start of the Russia-Ukraine conflict in February 2022, Russia’s share of Indian imports rose to 1.6 lakh barrels per day in February (pictured), well for a share of 35%.
Refineries continue to pick up abundant Russian cargoes that are available at a discount to other grades. From a market share of less than 1% in India’s basket of imports before the start of the Russia-Ukraine conflict in February 2022, Russia’s share of Indian imports rose to 1.6 lakh barrels per day in February (pictured), well for a share of 35%.
India, the world’s third-largest importer of crude after China and the US, has snapped up discounted Russian oil after some in the West shunned it as a means of punishing Moscow for its invasion of Ukraine. The increase in Russian imports was at the expense of Saudi Arabia and the US. Oil imports from Saudi Arabia fell by 16% month-on-month and those from the US by 38%.
Russia now accounts for more than the combined oil purchased from Iraq and Saudi Arabia – India’s main oil suppliers for decades.
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