Business

40% Of India’s Oil Comes From Russia

Industry data showed that the share of Russian oil in India’s total imports increased to approximately two-fifths in the first half of fiscal 2023-24, solidifying Moscow’s position as the major supplier as refiners reduced purchases from the Middle East.

Following Moscow’s invasion of Ukraine, India, the world’s third-largest oil importer and consumer, has emerged as the leading customer of discounted Russian seaborne oil.

Middle Eastern supplies are also set to tighten further as a result of Saudi Arabia’s decision to extend its voluntary output limits until the end of the year, prompting India to consider alternative possibilities.

From April to September, or the first half of fiscal 2023-2024, India imported 1.76 million barrels per day (bpd) of Russian oil, more than doubling the 780,000 bpd imported in the same period the previous year, according to tanker data from industry sources.

As per the data, India’s imports from Russia returned to 1.54 million bpd last month, up 11.8% from August and 71.7% from a year ago.

From April to September, Russia was India’s top oil supplier, followed by Iraq and Saudi Arabia.

“India’s imports from Iraq and Saudi Arabia fell by 12% and about 23% to 928,000 bpd and 607,500 bpd, respectively, during the April-September period”, the research shows.

In April-September, Imports from the Middle East fell by around 28% to 1.97 million bpd, reducing the region’s share in India’s total oil imports to 44% from 60% the previous year.

According to the report, the share of oil from the Commonwealth of Independent States (CIS), which comprises Azerbaijan, Kazakhstan, and Russia, nearly doubled to 43%, owing to increased purchases from Moscow.

Lower purchases from the Middle East reduced OPEC’s share of India’s overall imports to its lowest level in 22 years.

Also read: PM Giorgia Meloni Of Italy Separates From Partner Following His Sexist Remarks

Spriha Rai

Recent Posts

Supreme Court Extends Relief To Udhayanidhi Stalin In Sanatan Dharma Remarks Case

The court extended his exemption from appearing in lower courts until February and granted four…

10 minutes ago

Supreme Court Issues Notices To CBI & ED On Manish Sisodia’s Bail Request

On Friday, the SC issued notices to the CBI and ED regarding Manish Sisodia's request…

32 minutes ago

AI & Surveillance Systems To Revolutionize Maha Kumbh 2025 Experience

The UP government is using AI, social media, and surveillance to ensure safety for 45…

58 minutes ago

Maha Kumbh 2025: Ultra-Modern Cruises To Become A Key Attraction For Devotees

The Yogi Adityanath-led UP government will introduce luxury cruises to transport devotees from Kashi to…

2 hours ago

Aam Aadmi Party Kicks Off ‘Revdi Par Charcha’ Campaign Ahead Of Delhi Elections

On Friday, AAP launched its 'Revdi Par Charcha' campaign to engage Delhi residents in the…

3 hours ago

Canada Denies Allegations Against Indian Leadership; Rejects Criminal Links

The Canadian govt addressed allegations linking Indian leaders to criminal activities, stating there is no…

3 hours ago