Oil imports: Russia’s oil imports from India increased by 50 times, Moscow’s share of the country’s total oil imports increased by 10 percent
India’s oil imports from Russia have increased 50 times since April. According to a senior official, Russia’s share in India’s total crude oil imports has now increased to 10 per cent. Russia’s share in total oil imports before the Ukraine war was 0.2%.
Russia is now among the top 10 oil suppliers to India, the official said on Thursday. Private companies Reliance Industries and Rosneft’s Naira Energy hold nearly 40 per cent stake in Russian oil purchases. Last month, Russia overtook Saudi Arabia in terms of oil exports to India and became the second largest supplier. Iraq is the largest supplier of oil to India. Russia is selling oil to India at huge discounts due to war with Ukraine. In May, Indian companies bought 25 million barrels of oil from Russia.
The price of crude oil is increasing continuously in the international market
India is the world’s third largest oil importer and consumer and imports about 85 per cent of its oil needs. Since its declaration of invasion of Ukraine, India has consistently defended Russia over its oil purchases. Last month, the oil ministry said Russia’s purchases of energy products far exceeded its total consumption. India is buying oil from Russia at cheaper rates at a time when crude oil prices are rising in the international market.