Russian oil imports to India surge, according to media

Since April, crude supply is said to have increased by a factor of 50.



According to a senior government official cited by The Economic Times, sales of Russian oil to India have increased at least fifty times in the past three months and now account for 10% of all imports.


On Thursday, the official told the Indian business newspaper, "It is now one of the top ten suppliers."


While some European consumers have been avoiding buying Russian crude, the Western sanctions on Moscow have given Indian refiners the chance to increase their imports of Russian oil at reduced costs.


Just 0.2% of India's total oil imports before the conflict were from Russia. Refiners in the nation are said to have bought almost 25 million barrels of Russian oil alone in May. At that point, Russia surpassed Saudi Arabia to overtake Iraq as India's second-largest oil supplier.


India, the third-largest oil user in the world, has drawn criticism from the West for its persistent reliance on Russian oil. New Delhi, however, has rejected the accusation, arguing that the imports only account for a small portion of the overall requirements of the nation.


Energy purchases from Russia "remain small in compared to India's total consumption," the Indian oil ministry started in May.


The Indian government has advocated for a diplomatic solution to the Ukrainian conflict, but it has not imposed any sanctions on Moscow and chose not to vote in the UN General Assembly in March to condemn Moscow's military campaign.


#russiaoil #oilreuters #indiaoil #largestoil #juneoil


Read more Business, Entertainment, Social, Politics , Real Estate , Finance , Sports









0 views0 comments