INDIA BECAME LARGEST OIL IMPORTER FROM RUSSIA

Despite calls from Western countries to stop imports from Russia, India increased oil imports from Russia. And became the world’s third-largest crude importer after China and the US, climbed to a record 1.62 million barrels per day (bpd) in February, making Russia India’s largest crude supplier for the fifth straight month.

According to the reports published in world wide magazines media reports and cargo tracker Vortexa Russia now supplying 35% of all India oil imports. Actually in 2021 Russia’s share of oil exports to India was 1%. This significant increase in oil imports from Russia surpassed combined deliveries from Iraq and Saudi Arabia who were India’s main suppliers for decades. The current status of Imports from Saudi Arabia dropped 16% month-on-month to 647,800 bpd, while deliveries from Iraq amounted to some 939,900 bpd. After the Russia’s military operation in Ukraine, due to Western sanctions it lost its traditional oil buyers from the West. While searching alternative markets, Russia introduced huge discounts in energy sector. India utilised this opportunity and became largest oil importer from Russia