Russian oil is said to account for 30% of Indian imports

According to Arun Kumar Singh, head of India’s Oil and Natural Gas Corp Ltd., Russia could account for almost a third of India’s oil imports by the end of the current fiscal year, Russia’s Interfax news agency said on Saturday.

“The share of Russian oil imports, which was less than 2 percent in 2021/2022, has increased tenfold in the oil import basket and is now at 20 percent,” Singh was quoted as saying at a panel discussion at the International Economic Forum in St. Petersburg.

By the end of the 2023/24 financial year, that figure could reach 30 percent, he added.

“Then the guaranteed trade between the two countries will become even stronger and Russia will play an important role in ensuring India’s energy security.”

Interfax did not name frames for the 2023/24 financial year.

Russia has diverted its energy supplies from western countries, which imposed restrictions and sanctions on trade with Moscow, including an oil price cap, after invading Ukraine. China and India buy most of the diverted Russian energy.

Russian crude oil imports from India, the world’s third-largest crude oil importer, hit an all-time high in May as buyers fed up with reduced supplies, slowing demand for oil from the Middle East and Africa, according to preliminary estimates by shiptrackers.

Related Articles

Back to top button

Subscribe To Our Newsletter

Don't miss new updates on your email