Russian crude oil exports to India suddenly increased
Russian crude oil Exports to India in May increased to 24 million barrels from last year’s average of 960,000 barrels.
India received 34 million barrels of discounted Russian oil since February 2022, more than 10 times the total value of imports from Russia compared with the same period last year, Reuters reported on May 30, citing data from Refinitiv Eikon.
According to the report, more than 24 million barrels of Russian crude oil were supplied in May, up from 7.2 million barrels in April and from about 3 million barrels in March. The South Asian country is expected to import about 28 million barrels of Russian crude in June.
Last year, Russian crude oil exports to India averaged just 960,000 barrels per month, nearly 25 times less than the May 2022 total.
Western sanctions imposed on Russia have created an opportunity for Indian refiners to increase purchases of Russian crude, mainly Urals crude, at reduced prices as some European buyers avoid it. Russian oil.
India faces some comments from the West as it continues to buy crude oil from India Russia. However, New Delhi notes, those imported from Russia account for only a small part of India’s overall demand.
Indian officials also said that the country will continue to buy “cheap” oil from Russia because if the world’s third largest oil importer suddenly stops importing this product from Russia, it will increase costs for consumers. .
About India buys oil from RussiaAccording to the media, the South Asian country is looking to buy Russian crude oil at prices below 70 USD/barrel to compensate for the additional barriers caused by Russia sanctions.
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