India Russian Oil Imports: India’s Russian oil imports reach new heights

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India Russian Oil Imports: Since the start of Russia-Ukraine war, India has been buying crude oil from Russia in large quantities. For the 11th consecutive month, India made a record by buying crude oil from Russia at concessional rates. A record amount of crude oil was imported from Russia in June. It is estimated that this process of breaking records will continue in the coming times.

Russian oil sales more than Saudi Arabia and Iraq combined

Victor Katona, head of crude oil analysis at data analytics firm Kepler, said in a report that daily volumes rose to 2.2 million barrels per day in June, rising for the 10th consecutive month. Russian oil sales have once again exceeded the combined shipments of Saudi Arabia and Iraq. Kepler had earlier reported that Moscow accounted for 46% of India’s oil imports in May, which was less than 2% before the invasion of Ukraine.

Who is ahead among Indian companies?

India has taken a step forward to take forward the Russian economy. Along with this, a big change has also come in the market. Public sector Indian Oil Corporation (IOC) has become the largest buyer of crude oil from Russia, surpassing Reliance Company. Bharat Petroleum is also in talks to buy oil from the Russian market.

Russia accounts for 42% of India’s crude oil imports

Russia now accounts for 42 percent of India’s total crude oil imports. This is the highest share for a single country in recent years. India’s import of crude oil from Russia has increased at the cost of traditional suppliers from West Asia. Oil imports from Saudi Arabia came down to 5,60,000 tonnes in May. This is the lowest level since February 2021.

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