News

Russia becomes India’s top oil supplier in October


NEW DELHI: Russia became India’s Leading Oil Supplier in October, surpassing traditional sellers Saudi Arabia and Iraq, according to data from the energy commodity tracker Vortexa.
Russia, which accounted for only 0.2% of India’s total oil imports in the year to March 31, 2022, supplied 935,556 barrels per day (bpd) of crude to India in October – the highest level. ever since.
It now accounts for 22% of India’s total crude oil imports, higher than Iraq’s 20.5% and Saudi Arabia’s 16%.
India’s appetite for Russian oil has been on the rise since it began trading on a bearish note as the West shunned the country to punish Moscow for its aggression. Ukraine.
According to Vortexa, an energy intelligence firm, India imported only 36,255 bpd of crude oil from Russia in December 2021 compared with 1.05 million bpd from Iraq and 952,625 bpd from Saudi Arabia. um.
There were no imports from Russia for the next two months but they resumed in March, shortly after the Ukraine war broke out in late February.
India imported 68,600 bpd of Russian oil in March while rising to 266,617 bpd the following month and peaking at 942,694 bpd in June. But in June, Iraq was the top supplier. of India with 1.04 million bpd of oil. In that month, Russia became India’s second largest supplier.
Imports fell slightly in the following two months. They stood at 876,396 bpd in September before rising to 835,556 bpd in October, according to Vortexa.
Iraq fell to 2nd place with 888,079 bpd of supply in October, followed by Saudi Arabia with 746,947 bpd.
The Indian government has vehemently defended its trade with Russia, saying it must source oil from where it is cheapest.
“In fiscal year 22 (April 2021 to March 2022), Russia’s oil purchases were 0.2% (of the total oil that India imports). We still only buy a quarter of the oil. Europe buys in one afternoon,” Oil Minister Hardeep Singh Puri told CNN in Abu Dhabi last week. “We have a moral obligation to consumers. We have a population of 1.34 billion and we have to make sure they are powered … whether it’s gasoline, diesel.”
When asked if India faced a moral conflict due to imports from Russia in the midst of its later conflict with Ukraine, he said: “Absolutely not. There is no moral conflict. We are not buying. from X or Y. We buy whatever is available. The government doesn’t buy it, it’s the oil companies that buy it.”
India is also not committed to a plan proposed by the Group of 7 nations (UK, US, Canada, France, Germany, Italy and Japan) to limit the price of oil purchased from Russia as a revenue constraint. of Moscow.
Puri said India will review the proposal when it is finalized and notified.
It will “meet according to its supreme national interest.”
Emphasizing that India will source crude oil from various sources, he said that the country will also buy from Guyana and Canada.

news7f

News7F: Update the world's latest breaking news online of the day, breaking news, politics, society today, international mainstream news .Updated news 24/7: Entertainment, Sports...at the World everyday world. Hot news, images, video clips that are updated quickly and reliably

Related Articles

Back to top button