INVC NEWS
New Delhi / Moscow – : India has witnessed a significant surge in the import of Russian crude oil, reaching a new milestone in May. Indian oil companies have been increasing their purchases of Russian crude oil, largely due to the discounts offered by Russia.
Industry data reveals that India imported the same amount of crude oil from Russia in May as it did from Saudi Arabia, Iraq, the UAE, and the US combined.
In May, India imported approximately 1.96 million barrels per day of crude oil from Russia, marking a 15 percent increase compared to April. This accounted for 42 percent of India’s total crude imports during that month. It represents the highest share attained by any single country in India’s crude oil imports over the past few years.
In terms of imports from OPEC (Organization of the Petroleum Exporting Countries), India’s reliance has declined. Only 39 percent of India’s crude oil imports in May came from OPEC countries, the lowest level in recent times. In the past, OPEC countries accounted for 90 percent of India’s crude oil imports.
OPEC countries exported 1.8 million barrels per day of crude oil to India in May, down from 2.1 million barrels per day in April.
Russia has consistently remained the top supplier of India’s crude oil imports for the past eight months. In May, Russia’s share in India’s crude imports stood at 42 percent.
Regarding other countries, Iraq secured the second position after Russia in terms of crude oil imports in May. Iraq exported 830,000 barrels per day to India. Saudi Arabia followed with 560,000 barrels per day, the UAE with 203,000 barrels per day, and the US with 138,000 barrels per day.
India’s robust import of Russian crude oil underscores the strengthening trade relationship between the two countries and the appeal of discounted rates.
