oil imports by india from russia - india saves nearly - 7 billion

  Russian crude oil, Russian oil imports, decline in oil production, Russian oil refineries, Indian oil refineries, Indian Oil Corporation, dip in India oil demand, rainy season, summer monsoon, biggest oil suppliers, who are India’s biggest importer of Russian crude oil, indian express, indian express news


India’s Russian crude imports in June were more than the cumulative oil import volumes from at least the next four biggest suppliers--Iraq, Saudi Arabia, United States, and United Arab Emirates.

After hitting fresh high in June, India’s Russian oil imports may decline in July

According to Viktor Katona, Kpler’s Lead Crude Analyst, a decline in oil production in Russia and a higher demand pull from Russian refineries is expected to result in slightly lower dispatches to India.

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From being a marginal player in India’s oil trade before the war in Ukraine, Russia is now New Delhi’s biggest source of crude oil. And for Moscow, India is now the biggest consumer of seaborne Russian crude oil. Indian refiners started snapping up Russian oil soon after the latter’s February 2022 invasion of Ukraine, as Russia started offering deep discounts on its oil.

Russian crude oil, Russian oil imports, decline in oil production, Russian oil refineries, Indian oil refineries, Indian Oil Corporation, dip in India oil demand, rainy season, summer monsoon, biggest oil suppliers, who are India’s biggest importer of Russian crude oil, indian express, indian express news

India’s Russian crude imports in June were more than the cumulative oil import volumes from at least the next four biggest suppliers–Iraq, Saudi Arabia, United States, and United Arab Emirates. 


Russian crude oil, Russian oil imports,With Western buyers cutting oil imports from Russia in the wake of its February 2022 invasion of Ukraine, Moscow has been offering discounts on its crude.

Indian refiners saved at least $7.17 billion in foreign exchange in the 14 months that ended May 2023 by ramping up purchases of discounted Russian crude oil

India, the world’s third-largest consumer of crude oil, depends on imports to meet over 85 per cent of its oil needs.

The total value of India’s oil imports for the 14-month period from April 2022 to May 2023 was $186.45 billion.

Discounted Russian crude imports saved Indian refiners $7 bnRussian crude accounted for 24.2 per cent of India’s oil imports

The effective discounts, while significant from the point of view of Indian refiners, are not as high as what had been initially anticipated. Relatively higher cost of freight and insurance for Russian crude as compared to oil from other suppliers is seen as the most likely reason.

With Moscow facing Western sanctions over the Ukraine war, freight and insurance costs for ferrying Russian oil are said to have gone up considerably. 

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