Moscow / New Delhi 110 days have passed since the war between Russia and Ukraine. Because of this war where most of the countries of the world are imposing political and economic sanctions on Russia. At the same time, India is steadily increasing its oil imports with this country. Russia is now the second largest supplier of oil to India after Iraq. According to international media reports, last May, Russia surpassed Saudi Arabia to become the second largest supplier of oil to India. Let me tell you, Iraq is still number one in this regard.
According to media reports, Indian refineries received about 819,000 barrels per day (bpd) of Russian oil in May, the highest ever recorded in any month. At the same time, Russian oil supplies in April were about 277,000 barrels per day. This is nine times more than the monthly average of 382,500 metric tons of crude oil that came to India from Russia last year.
India did not bow to the world, bought 30.36 million metric tons of oil from Russia in May
Russia faces sanctions from the West.
The record comes at a time when Russia is facing tougher Western sanctions over its invasion of Ukraine. Russia has been forced to cut oil prices due to sanctions imposed by the United States and other Western countries. Most countries in the world have imposed sanctions on Russia over the Ukraine conflict. Many countries have also stopped buying oil and gas from it. In such a situation, India had decided to buy cheap oil from Russia. Despite all the sanctions, Russia has been completely successful in selling its oil.
Regarding India-Russia relations, Russia’s Ambassador to India Denis Alipov said that President Putin attaches great importance to respectful relations with India. Not only that, but the views of the two countries on other important issues of the world are quite similar.
India is one of the few countries that has not announced sanctions against Russia. Many Western countries, including Australia, Britain and Canada, have already banned the import of Russian crude oil, while Russia itself has cut off supplies to many countries if conditions are not met. As a result, oil and gas prices rose sharply around the world. To reduce this, Russia began selling its oil and gas at lower prices. Many countries, including India, have taken advantage of this.
It may be recalled that India’s state oil companies Bharat Petroleum Corporation Limited, Hindustan Petroleum, Indian Oil Corporation and Mangalore Refinery have purchased Russian crude oil. Bharat Petroleum has bought 2 million barrels of Russian oil from Trafigura. Bharat Petroleum is regularly extracting crude oil for the Kochi refinery at a rate of 310,000 barrels per day.
At the same time, Bharat Petroleum bought 2 million barrels of Russian crude oil in May. Indian Oil has bought more than 6 million barrels of oil from Russia since February 24. Apart from them, Indian private refinery Naira Energy is also buying oil.
Tags: Iran oil imports, Russia, Saudi Arabia
First publication: June 14, 2022, 09:38 AM IST