india has changed its oil import strategy, buying more crude oil from russia in june than from West Asian suppliers like saudi arabia and Iraq, amid the ongoing Israel-Iran war, which saw a significant escalation after the US bombed Iranian nuclear targets on Sunday. According to data, india is increasing its oil imports in response to the current Middle east crisis, which is predicted to cause the price of crude oil to soar globally.
Indian refineries bought between 20 and 22 lakh barrels of crude oil per day from russia in june, the most in two years, according to statistics published by global trade monitor Kpler. India imported 19.6 lakh barrels of oil per day from russia in May, compared to 4,39,000 barrels per day (bpd) from the US, which is a substantial increase over the 2,80,000 barrels per day in May.
In the meantime, India's oil imports from West Asian countries—such as saudi arabia, Kuwait, Iraq, and the United Arab Emirates (UAE)—decreased dramatically in june, reaching almost 2 million barrels per day, which is much less than the data from the previous month.
Why does india import more crude oil from Russia?
About 80 percent of India's domestic oil demands are met by the 51 lakh barrels of crude oil it imports and consumes each day from other nations, making it the third-largest oil importer and consumer in the world. India has historically sourced its crude oil from West Asian nations, but russia has emerged as the nation's main supplier in recent years, particularly since the start of the Russia-Ukraine war in february 2022.
Due in large part to sanctions imposed by the united states and other countries, Russia's oil imports declined precipitously when the conflict began. As a result, moscow was able to sell its oil at a far lower price than other nations, which was one of the main reasons india began purchasing more petroleum from Russia.
Indian refineries bought between 20 and 22 lakh barrels of crude oil per day from russia in june, the most in two years, according to statistics published by global trade monitor Kpler. India imported 19.6 lakh barrels of oil per day from russia in May, compared to 4,39,000 barrels per day (bpd) from the US, which is a substantial increase over the 2,80,000 barrels per day in May.
In the meantime, India's oil imports from West Asian countries—such as saudi arabia, Kuwait, Iraq, and the United Arab Emirates (UAE)—decreased dramatically in june, reaching almost 2 million barrels per day, which is much less than the data from the previous month.
Why does india import more crude oil from Russia?
About 80 percent of India's domestic oil demands are met by the 51 lakh barrels of crude oil it imports and consumes each day from other nations, making it the third-largest oil importer and consumer in the world. India has historically sourced its crude oil from West Asian nations, but russia has emerged as the nation's main supplier in recent years, particularly since the start of the Russia-Ukraine war in february 2022.
Due in large part to sanctions imposed by the united states and other countries, Russia's oil imports declined precipitously when the conflict began. As a result, moscow was able to sell its oil at a far lower price than other nations, which was one of the main reasons india began purchasing more petroleum from Russia.
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