From Middle East to Moscow: India's evolving oil routes paint a new energy map
From April to July 2023, the increase was even more significant at 126.94%, underscoring Russia's reinforced position in India's oil landscape.
From April to July 2023, the increase was even more significant at 126.94%, underscoring Russia's reinforced position in India's oil landscape.
Moscow accounted for 46 per cent of India’s oil imports last month, according to data from analytics firm Kpler, a staggering leap from less than 2 per cent before the invasion of Ukraine
India and China, the world's top oil users, continued to lap up heavily discounted Russian crude oil, buying as much as 80% of the oil that Moscow exported in May, the International Energy Agency (IEA) said in a report.
Russia supplied 1.68 million barrels a day (mbd) of crude to Indian refiners in April, 4 per cent higher than 1.61 mbd in March, according to energy cargo tracker Vortexa. China imported 1.3 mbd by sea from Russia while Europe imported 206,000 barrels per day in April.
But the purchases appear to have plateaued as growth has slowed. Russia continued to be the single largest supplier of crude oil, which is converted into petrol and diesel at refineries, for a sixth straight month by supplying more than one-third of all oil India imported, according to energy cargo tracker Vortexa.
But the purchases appear to have plateaued as growth has slowed. Russia continued to be the single largest supplier of crude oil, which is converted into petrol and diesel at refineries, for a sixth straight month by supplying more than one-third of all oil India imported, according to energy cargo tracker Vortexa.
India shunned western pressures to raise imports from Russia last year. Russia, whose oil is available at a discount due to some western nations slapping sanctions, is now India's top oil supplier.
India is the world's third-largest crude importer after China and the United States. New Delhi has been snapping Russian oil that was available at a discount after some in the West shunned it as a means of punishing Moscow for its invasion of Ukraine.
While Western sanctions against Moscow are not recognised by India - and purchases of Russian oil may not violate them - banks and financial institutions are cautious about clearing payments so as not to unwittingly fall foul of the measures.
The government also said its three oil marketing companies are not buying crude from Russia but only the private companies are the ones who are buying, refining and shipping out.
The government also said its three oil marketing companies are not buying crude from Russia but only the private companies are the ones who are buying, refining and shipping out.