India’s Purchase of Crude Oil from Russia Increased

Crude Oil

India’s Crude Oil imports from Russia rose to a new high of 1.64 million barrels per day (bpd) in March. Russia‘s share in India’s imports has gone up to 34 percent. In this way India’s oil import from Russia has doubled as compared to Iraq. Refinery Companies are buying available Russian oil at a discounted price compared to other grades.

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Russia remains the largest crude oil supplier to India for the sixth consecutive month. Russia accounts for more than one-third of India’s crude oil imports. India is the world’s third largest crude oil importer after China and the US. The West has imposed sanctions on Russia after the attack on Ukraine. In such a situation, Russian crude oil is available at a discounted price and India is procuring it heavily.

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Crude oil imports from Iraq have been more than 8.1 lakh barrels per day. Iraq was the largest supplier of crude oil to India since 2017-18 and India and Russia used to have a very high stake or partnership related to crude oil, but now this stake has been reduced to one-third.

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