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Crude Oil Import From Russia: India’s crude oil imports from Russia increased to a new high of 1.64 million barrels per day (BPD) in March. In this way India’s oil import from Russia has doubled as compared to Iraq. According to Vortexa, which monitors energy shipments, Russia remains India’s largest crude oil supplier for the sixth consecutive month.
Russia accounts for more than one-third of India’s crude oil imports
Russia accounts for more than one-third of India’s crude oil imports. Before the Russia-Ukraine conflict started in February 2022, Russia’s market share in India’s crude oil imports was less than one per cent. India’s crude oil imports from Russia increased to 1.64 million barrels per day in March. Russia’s share in India’s imports has gone up to 34 per cent.
In March, India’s purchase of crude oil from Russia has been double that from Iraq. During this period, the import of crude oil from Iraq has been more than 8.1 lakh barrels per day. Iraq was India’s largest crude oil supplier since 2017-18.
India is the third largest importer of crude oil in the world
India is the third largest crude oil importer in the world after China and America. 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.
Learn the country’s crude oil import figures
According to Vortexa, Saudi Arabia was India’s second largest supplier in March with 9.86 lakh barrels per day. At the same time, Iraq was at number three with a supply of 8.21 lakh barrels per day. In March, UAE became India’s fourth largest crude oil supplier with 3.13 lakh barrels per day. It left America behind. America supplied 1.36 lakh barrels per day of crude oil to India in March. India’s import from America was 2.48 lakh barrels per day in February.
Why import from Russia is increasing
Crude oil is converted into petrol and diesel in refinery units. Refinery companies are buying Russian oil available at a discounted price compared to other grades.
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