NEW DELHI: Imports of Russian crude by India are likely to grow by 20% month-on-month to 1.05 million barrels per day (bpd) in June, as per the data compiled by commodity analysts Kpler. The data highlighted India imported 840,645 barrels per day (bpd) of Russian crude in May, up from 388,666 bpd in April and 136,774 bpd in May last year.
Currently, India requires a total of 5 million barrels oil per day for its usage. It means, considering all these figures, 25% of India’s oil need is fulfilled by Russian crude.
India, which usually imports nearly 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 nearly 35% of natural gas to Europe.
However, following the war, western countries have put various sanctions on Russia, including banning Russian crude in the European market. These countries are pressuring India not to trade crude from Moscow at ‘cheaper rate’. However, India has refused to do so, and on the contrary, it has raised its crude purchase manifold from Russia.
“India will continue to buy crude at competitive prices wherever it may be available across the world to fulfill its requirement for economic growth,” said Gaurav Moda, India energy leader, EY. India is the world’s third-largest oil importer, it imports nearly 80% of its crude requirement. India imports 52.7% from the Middle-East countries,15% from Africa and 14% from the US. It sources nearly 86% of crude oil, 75% of natural gas, and 95% of LPG from members of the OPEC+.