India bought 1.96 million barrels of crude oil per day from Russia in May
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42 percent stake
Now Russia’s share in India’s total crude oil imports has gone up to 42 percent. This is the highest share for a single country in recent years. India’s crude oil imports from Russia have increased at the expense of traditional suppliers from West Asia. Oil imports from Saudi Arabia declined to 560,000 tonnes in May. This is the lowest level since February 2021. The Organization of the Petroleum Exporting Countries-OPEC’s share in India’s crude imports declined to an all-time low of 39 per cent in May. At one point of time, OPEC accounted for 90 per cent of India’s oil purchases.
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Russian oil share rising
The share of Russian oil in India’s imports has been rising steadily since Russia’s invasion of Ukraine in February last year. This is the eighth month in a row that Russia remains India’s largest supplier. Crude oil is converted into petrol and diesel in refineries. Iraq exported 8.3 lakh barrels per day (bpd) of oil to India in May. And the United Arab Emirates supplied 2,03,000 barrels per day. Data shows that imports from the US stood at 1,38,000 barrels per day during this period.
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