India’s Russian Oil Imports Rise To Record 1.4 Million Barrels A Day: Report

New Delhi:

India’s Russian oil imports climbed to a report 1.4 million barrels per day (bpd) in January, up 9.2% from December, with Moscow nonetheless the highest month-to-month oil vendor to New Delhi, adopted by Iraq and Saudi Arabia, information from commerce sources confirmed.

Final month Russian oil accounted for about 27% of the 5 million bpd of crude imported by India, the world’s third-biggest oil importer and shopper, the information confirmed.

India’s oil imports usually rise in December and January as state-run refiners keep away from upkeep shutdowns within the first quarter to fulfill their annual manufacturing targets mounted by the federal government.

Refiners in India, which not often used to purchase Russian oil due to expensive logistics, have emerged as Russia’s key oil shopper, snapping up discounted crude shunned by Western nations because the invasion of Ukraine final February.

Final month India’s imports of Russian Sokol crude oil had been the very best to this point at 100,900 bpd, as output from the Sakhalin 1 area resumed beneath a brand new Russian operator, the information confirmed.

In January, India’s imports of oil from Canada rose to 314,000 bpd as Reliance Industries boosted purchases of long-haul crude, the information confirmed.

Canada emerged because the fifth-largest provider to India in January after the United Arab Emirates, the information confirmed.

India’s Iraqi oil imports in January rose to a seven-month excessive of 983,000 bpd, up 11% from December, the information confirmed.

Throughout April-January, the primary ten months of this fiscal 12 months, Iraq continued to be the most important oil provider to India, whereas Russia turned the second-biggest provider, changing Saudi Arabia which is now in third place, the information confirmed.

Increased purchases of Russian oil dragged down Indian imports from the Center East to an all time low of 48% and member nations of Group of Petroleum Exporting Nations (OPEC) declined to the bottom ever, the information confirmed.

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