Russia becomes India's largest oil supplier in October
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Russia becomes India’s largest oil supplier in October

Russian oil was imported by India at a rate of 68,600 barrels per day (bpd) in March, 266,617 bpd the following month, and a peak of 942,694 bpd in June. But at 1.04 million bpd of oil, Iraq was India’s leading supplier in June. Russia overtook China as India’s second-largest supplier during that month.

Russia surpassed traditional suppliers Saudi Arabia and Iraq to become India’s top oil supplier in October, according to data from energy cargo tracker Vortexa.

Russia provided 935,556 barrels per day (bpd) of crude oil to India in October, the biggest amount ever. Russia accounted for just 0.2% of India’s total oil imports in the year ending March 31, 2022. It currently accounts for 22% of India’s total oil imports, surpassing Saudi Arabia’s 16% and Iraq’s 20.5%.

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 952,625 bpd from Saudi Arabia, India purchased just 36,255 barrels per day of crude oil from Russia in December 2021, according to Vortexa, an energy intelligence company. After two months, no imports from Russia were made. They did, however, pick back up 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, 266,617 bpd the following month, and a peak of 942,694 bpd in June. But at 1.04 million bpd of oil, Iraq was India’s leading supplier in June. Russia overtook China as India’s second-largest supplier during that month.

According to Oil Minister Hardeep Singh Puri, who was speaking to reporters, “In FY22 (April 2021 to March 2022), the imports of Russian oil were 0.2% (of all the oil purchased by India) We still buy only a fifth of what Europe buys in one day.”

We have a population of 1.34 billion people and we must make sure they have access to energy, whether it is gasoline or diesel, he continued.

India also hasn’t endorsed a plan put up by the G7 (the UK, US, Canada, France, Germany, Italy, and Japan) to cap the price of oil bought from Russia in an effort to reduce Moscow’s income. India would review the plan as soon as it is finalised and communicated, according to Puri.

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