Crude oil

India’s crude oil purchases from Russia at record level in January

India’s crude oil purchases from Russia have been higher than traditional West Asian suppliers for the fourth consecutive month in January. Refineries are increasingly buying Russian crude, available at a discount.

Before the start of the Russia-Ukraine war, Russian oil accounted for less than one percent of India’s imports. India’s crude imports from Russia rose to a record 1.27 million barrels per day in January, according to energy shipment tracker Vortexa.

This way, the share of Russian crude oil in India’s imports has increased to 28 percent. India is the world’s third-largest importer of crude after China and the US. Russian oil is available at a discounted price following sanctions by the West following Russia’s invasion of Ukraine. Before the start of the Russia-Ukraine war, Russian crude oil accounted for only 0.2 percent of India’s imports.

In January 2023, it increased to 28 percent. Officials attending the India Energy Week (IEW)-2023 here said India will continue to buy crude from anywhere in the world, including Russia, to meet its energy needs.

(The IBC NewsTV team may have changed just the report’s headline and cover image; the remaining text was created automatically from a syndicated feed.)

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