Indian imported 1.64 million barrels of crude oil per day from Russia, in March

10 Apr 2023 , 09:20 AM

India now imports twice as much crude oil from Russia as it does from Iraq,  reaching a new high of 1.64 million barrels per day in March. But, as growth has slowed, the purchases seem to have reached a plateau. 

According to energy cargo tracker V, Russia maintained its position as the sole major supplier of crude oil, which is refined into petrol and diesel, for a sixth consecutive month by providing more than one-third of all the oil India purchased.

Russian cargo that is plentiful and priced lower than other grades is still being snatched up by refiners.

Prior to the start of the Russia-Ukraine conflict in February 2022, Russia had a market share of less than 1% in India’s imports; by March 2023, that percentage has increased to 1.64 million barrels per day, or 34%.

The amount of oil purchased from Russia in March was double the amount of oil purchased from Iraq, which has been India’s top oil supplier since 2017–18, at 0.82 million barrels per day (bpd).

India, the third-largest crude importer in the world after China and the United States, has been snatching up Russian oil that was on sale after some in the West avoided it as retaliation for Moscow’s invasion of Ukraine.

In March, refiners continued to buy medium-sour Russian Urals; the rise in imports is related to increasing purchases of sweeter grades such Novy Port Light.

In order to fill the vacuum in its energy exports after the European Union prohibited imports in December, Russia is selling record amounts of crude oil to India.

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