Russia replaces Iraq as India's largest supplier of crude oil, in October

2 Nov 2022 , 08:58 AM

According to the energy cargo tracker Vortexa, Russia has surpassed the historically dominating suppliers Saudi Arabia and Iraq to become India’s main oil supplier.

The largest recorded monthly crude supply from Russia to India was 946,000 barrels per day in October. It supplied 22% of India’s total oil imports, surpassing Saudi Arabia’s 16% and Iraq’s 20.5%.

According to Vortexa, an energy intelligence company with offices in Singapore and London that watches oil and gas tankers across the world and provides freight and inventories analytics, global crude imports increased by 5% in October compared to September, while those from Russia increased by 8%.

India purchased 34% more seaborne Russian crude than the EU for the first time; both countries’ import volumes. China continued to be the biggest consumer of Russian seaborne crude, importing 1 million barrels daily in October.

Additionally, a record-breaking 106,000 barrels per day of fuel oil were imported by India from Russia in October.

The steep discounts that followed the February invasion of Ukraine led to a substantial increase in Russia’s market share in India from less than 1% in 2021.

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