India’s Russian oil imports jump 50 times; now accounts for 10% of all import: Official
david waker
2 min read
India's Russian oil imports jump 50 times; now accounts for 10% of all import: Official
Indian crude oil imports from Russia have jumped more than 50 times since April and now redeem 10 percent of all crude oil purchased from abroad, a senior government official said on Thursday. Russian oil produces only 0.2 percent of all oil imported by India before the Ukraine War.
Russian oil is now 10 percent of the Indian oil import basket in April. Now it is among the top 10 suppliers,” the official told reporters here. As many as 40 percent of Russian oil has been purchased by private-seliance industries and Nayara Energy supported by Rosneft.
Last month, Russia overtook Saudi Arabia to become the second largest oil supplier in India behind Iraq when the squash took Russian crude oil available with a deep discount after the war in Ukraine. Indian Penyampi bought around 25 million barrels of Russian oil in May.
Russian-origin crude oil contributed 10 percent of India’s total sea imports in April for the first time, up from 0.2 percent throughout 2021 and Q1 2022. India, the purchase of oil and the third largest oil consumption in the world, has long been defending the purchase of defending Purchases defending a long -lasting defense in the third world in the third world in the world of crude oil from Russia following President Vladimir Putin who ordered the Ukraine invasion.
The Ministry of Oil last month stated that “the purchase of energy from Russia remains very small compared to the total Indian consumption.” Iraq remains the main supplier for India in May and Saudi Arabia is now the third largest supplier.
India has utilized discount prices to increase oil imports from Russia when global energy prices increase. After the US and China, India is the third largest oil consumer in the world, more than 85 percent of them are imported.
After the invasion to Ukraine, there are now fewer buyers for Russian crude oil, with several governments and foreign companies that decide to avoid exports of Russian energy, and the price has fallen. Indian squash has used this and bought Russian crude oil at a discount as high as USD 30 per barrel. Previously, crude oil was not profitable because of high shipping costs.
