Russian Oil Import: India is importing a considerable amount of crude oil from Russia, as a consequence of which the import of Russian oil in India has reached a document excessive degree of about 1.95 million barrels per day throughout May. At the identical time, purchases from Iraq and Saudi Arabia decreased. In addition, India is now the third largest oil shopper and importer on this planet. India buys greater than 80 p.c of its oil from overseas markets.

Due to the battle between Ukraine and Russia, oil refiners are focusing extra on Russian oil. According to a Reuters report, Russian oil accounted for practically 40 per cent of India’s crude imports in May, bringing imports from Iraq to a three-year low and from Saudi Arabia to the bottom degree since September 2021.

How a lot oil provide decreased from Iraq and Saudi

The report additionally mentioned that India imported 801400 bpd Iraqi oil in May, which is about 13.7 p.c lower than April. At the identical time, the provision from Saudi has fallen by 15 p.c to 616,100 bpd. Looking on the figures, India’s general May oil imports elevated marginally from April to 4.8 million bpd. Import of oil from Russia is anticipated to stay excessive in future as properly. This is as a result of its entry price may be very low as in comparison with different international locations.

According to Reuters, the share of imports from the Middle East has come down from 44 per cent in April to 39 per cent throughout May as a consequence of larger purchases of backed Russian oil. OPEC’s share of India’s oil imports fell to a document low of 42.6 per cent in May and averaged 44.3 per cent within the first two months of this fiscal yr.

2.5 million metric tonnes of crude oil manufacturing in May

According to the Petroleum Planning and Analysis Cell, India is anticipated to provide a complete of two.5 MMT of crude oil in May 2023, as towards 2.6 MMT within the year-ago interval. At the identical time, the import of crude oil elevated by 22 p.c and decreased by 3.1 p.c throughout May 2023 and April-May 2023, respectively, in comparison with the identical interval final yr.

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