India’s crude imports from Russia up 7.2 times in April-May 2022

India, which used to import around 2% of its oil needs from Russia, has enhanced its imports ever since the war broke out between Russia and Ukraine.  

Published: 14th July 2022 07:24 AM  |   Last Updated: 14th July 2022 07:24 AM   |  A+A-

Image for representational purpose only.

Image for representational purpose only.

Express News Service

NEW DELHI: India’s crude oil imports from Russia surged a whopping 620% or, over 7 times to $3.2 billion in the April-May 2022 period, according to the data released by the commerce ministry.  The coal imports also surged 266% to $425 million for the same period.

Overall, India sourced nearly 10% of its oil imports from Russia. It imported crude and petroleum oils worth $30.9 billion during the period, out of which $3.2 billion is from Russia.  India, which used to import around 2% of its oil needs from Russia, has enhanced its imports ever since the war broke out between Russia and Ukraine.  

Russia is the world’s second-largest oil producer, and it supplies around 35% of natural gas to Europe. However, following the war, the western countries have put various sanctions on Russia, including banning Russian crude in the European market. These western countries are continuously pressuring India not to trade crude from Moscow at a ‘cheaper rate’.  

In 2021, India sourced oil worth $441 million from Russia for the April-May period. In May 2022, it imported oil worth $1.9 billion, which was last year only $215 million. Similarly, the coal import also hiked manifold as India imported coal worth $116.01 million from April to May period 2021. In May 2022, India sourced coal worth $201.91 million, which was just 71.34 million in May 2021.

India is the world’s third-largest oil importer, and it imports nearly 80% of its crude requirement. It imports 52.7% from Middle Eastern countries, 15% from Africa and 14% from the US.  It sources around 86% of crude oil, 75% of natural gas, and 95% of LPG from members of the Organisation of the Petroleum Exporting Countries (OPEC+). Last year, it purchased 12 million barrels of crude oil from Russia, which is just 2% of its total imports. It is less than its own domestic production.



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