Russia remains India’s largest oil exporter

India’s oil imports from Russia rose 15 percent in May compared to the previous month, surpassing the total amount of oil the country bought from Saudi Arabia, Iraq, the United Arab Emirates (UAE) and the United States.

According to data from real-time data tracking company Vortexa, India supplied 830,000 barrels of oil from Iraq, 203,000 barrels from the United Arab Emirates and 138,000 barrels from the US in May. Saudi Arabia’s crude supply, on the other hand, fell to 560,000 barrels a day, the lowest level since February 2021.

42 PERCENT OF TOTAL IMPORTS FROM RUSSIA

In the same period, India’s oil imports from Russia reached 1.96 million barrels per day, rising 15 percent from the previous month. With said increase, India’s crude oil imports from Russia accounted for 42 percent of the country’s total crude oil imports, exceeding the total amount of oil it bought from Saudi Arabia, Iraq, the United Arab Emirates and the US. .us

The Organization of the Petroleum Exporting Countries (OPEC) share of India’s crude exports fell to a record low of 39 percent in May. These countries supplied 1.8 million barrels of the 4.7 million barrels of oil imported by India in May. This amount was 2.1 million barrels per day in April.

RUSSIA ESTABLISHES SANCTIONS WITH A NEW DESTINATION

Following the war launched by Russia in Ukraine on February 24, 2022, Western countries targeted the country’s export earnings by applying an embargo and price ceilings on Russian crude and petroleum products, on which they heavily depended, while that Russia had to find new export destinations in the face of sanctions.

Russia, which lost its market to Western embargoes, has become the biggest supplier to Indian refiners, which previously did not prefer Russian oil due to high freight costs. The refiners in question, who want to take advantage of discounted oil sales from Russia, have made record purchases of crude. (AA)