India’s crude oil imports from Russia have increased 50-fold. Russian oil accounts for 10 percent of the country’s total imports.
Prior to the Russo-Ukraine war, Russia’s share of India’s total crude oil imports was 0.2 percent. Following the Russian invasion of Ukraine, many countries announced that they would suspend crude oil imports from Russia.
As a result, Russia began to accumulate more crude oil and its prices began to fall. Subsequently, Russia offered to sell crude oil at concessional prices. Following this, Indian petroleum companies made purchases from Russia at a discount of up to US $ 30 per barrel.
Russia is the second largest exporter of crude oil to India, behind Saudi Arabia. Iran tops the list.
Last April, India’s imports of crude oil from Russia increased by 10 per cent. As a result, Russian crude oil supplies to India have increased 50-fold.
Eighty-five percent of India’s crude oil demand is met by imports. India is the third largest importer of crude oil internationally after the United States and China.