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India's Russian oil imports jump 50 times now accounts for 10 of all import: official

After the US and China, India is the world's 3rd-largest consumer of oil, over 85 % of which is imported

India's Russian oil imports jump 50 times now accounts for 10 of all import: official

New Delhi, June 27 - Neftegaz.RU. India's crude oil imports from Russia have jumped over 50 times since April and now make up for 10 % of all crude bought from overseas, a senior government official said, Indian PTI has reported
The official told reporters:
  • Russia oil now makes up 10 % of India's oil import basket in April, it is now among the top 10 suppliers
As much as 40 % of the Russian oil has been bought by private refiners - Reliance Industries and Rosneft-backed Nayara Energy.

Last month, Russia overtook Saudi Arabia to become India's 2nd-biggest supplier of oil behind Iraq as refiners snapped up Russian crude available at a deep discount following Russia's invasion of Ukraine.

Indian refiners bought about 25 million barrels of Russian oil in May.
Russian-origin crude accounted for 10 % of India's total seaborne imports in April for the 1st time, rising from 0.2 % throughout 2021 and Q1 2022.

India, the world's 3rd-biggest oil-importing and consuming nation, has long defended purchases of crude oil from Russia following President Putin ordering the invasion of Ukraine.
The Oil Ministry had last month stated that:
  • Energy purchases from Russia remain minuscule in comparison to India's total consumption
India has taken advantage of discounted prices to ramp up oil imports from Russia at a time when global energy prices have been rising.

Following its invasion of Ukraine, there are now fewer buyers for Russia's Urals crude oil, with some foreign governments and companies deciding to shun Russian energy exports, and its price has fallen.

Indian refiners have taken advantage of this and bought Russian crude oil at discount as high as $30 per barrel.

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