Lagatar24 Desk
New Delhi, Dec 11: Russia surpassed longtime suppliers Iraq and Saudi Arabia to continue to be India’s top oil supplier in November, according to data from energy cargo tracker Vortexa.
Russia provided 9,09,403 barrels per day (bpd) of crude oil to India in November, accounting for just 0.2% of India’s total oil imports in the year ending March 31, 2022.Now, it provides more than a fifth of India’s oil needs.
In November, India purchased 5,70,922 bpd of oil from Saudi Arabia and 8,61,461 bpd from Iraq, according to energy intelligence company Vortexa. With 4,05,525 bpd, the United States was India’s fourth-largest supplier.
India imported less from Russia in November compared to what it had previously purchased. In comparison to October, India imported less from Russia in November.
Since it began trading at a discount as the West avoided it as retaliation for Moscow’s invasion of Ukraine, India’s thirst for Russian oil has increased.
In comparison to 1.05 million bpd from Iraq and 9,52,625 bpd from Saudi Arabia, India imported just 36,255 barrels per day of crude oil from Russia in December 2021, according to Vortexa.
The following two months saw no imports from Russia, although they did start up again in March, not long after the Ukraine war started in late February.
Russian oil was imported by India at a rate of 68,600 barrels per day (bpd) in March, 2,66,617 bpd in April, and a peak of 9,42,694 bpd in June. But at 1.04 million bpd of oil, Iraq was India’s leading supplier in June. In that month, Russia surpassed China as India’s second-largest supplier.
Over the next two months, imports somewhat decreased. According to Vortexa, they were 8,76,396 bpd in September before reaching a record 9,35,556 bpd in October.
The Indian government has fiercely defended its commerce with Russia, claiming that it must purchase oil from the country where it is most affordable.
The purchases took place in November before the EU set a price ceiling on Russian seaborne oil. But, the government has indicated that oil companies will continue to buy oil from Russia outside the price cap.
