India is increasing its imports of Russian crude oil, solidifying Russia’s position as the largest crude supplier to the world’s third-largest oil importer.
In September, Indian imports of Russian crude rose by 11.7% compared to August, according to tanker data from industry sources reported by Reuters. Last month, India imported approximately 1.9 million barrels per day (bpd) from Russia. This accounted for about two-fifths of India’s total crude oil imports in September, which were around 4.7 million bpd. Although total imports were only slightly higher in September compared to August, this was due to weaker seasonal demand during the monsoon season. However, imports did increase by 8.5% compared to September 2023, the data showed.
From April to September, the first six months of India’s fiscal year, imports of Russian crude oil grew by 9.1%, reaching 1.91 million bpd.
Russia remains India’s top oil supplier, surpassing Iraq and Saudi Arabia. India imported around 867,600 bpd from Iraq last month, indicating that Russia’s lead over Iraq is more than double.
Indian Oil Minister Hardeep Singh Puri stated that the country will maintain its energy policy of purchasing oil and gas at the lowest possible prices. He emphasized that India will continue to buy cheaper Russian crude. “If an entity is not under sanctions, there is no question I will buy from the cheapest supplier,” he told Reuters.
India relies on imports for over 85% of its petroleum consumption, a figure that is growing in tandem with its economic expansion and refinery plans. Over the past two years, India has emerged as a key buyer of Russian oil, making Russia its largest oil supplier.
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