India increases oil purchases from Russia
Illustration – Photo: Reuters.
According to Refinitiv, an estimate of crude oil from Russia to India at 3.36 million tons, in May alone. This figure is nearly 9 times higher than the 2021 average of more than 382 thousand tons/month. Currently, Russia’s Urals oil has a discounted price of about 95 USD/barrel.
India has to import 80% of domestic oil consumption, of which Russian oil accounts for only 2% – 3%. However, as oil prices skyrocketed this year, the Indian government increased its purchases of oil from Russia.
Besides India, another Asian country, China, is also stepping up to buy oil from Russia.
OilX – oil industry data company, found oil import Russia’s entry into China via pipelines and tankers added 175,000 bpd in April, or 11% year-on-year. Preliminary data also shows that seaborne Russian oil imports into China increased even more strongly in May.
Analysts say that once the Russian oil embargo is officially implemented by the EU, Russia will find new customers aggressively, but it will not be an easy task.
A large part of Russian oil exports to Europe is transported via pipelines. Redirecting this oil to Asia will require new infrastructure that is expensive and will take years to build.
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