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The world’s third largest oil importer and client, India has been gorging on Russian oil for the reason that West imposed sanctions on Moscow for its invasion on Ukraine in February 2022.
The South Asian nation emerged as the highest purchaser of Russian oil in 2023 after some entities and nations retreated from purchases in December 2022.
Final month, Indian refiners imported 1.51 million barrels per day (bpd) of Russian oil, an increase of about 2.8% from January, the info confirmed. That was about 12.2% decrease than the corresponding month a yr in the past.
Russian oil made up about 32% of India’s total oil imports in February, in contrast with 28% the earlier month, the info confirmed.
India’s Russian oil imports in current months have been hit by cost issues and more durable U.S. sanctions, focusing on entities and ships concerned within the sale of Russian crude at above the worth cap of $60 a barrel mounted by G7 nations. India’s total imports final month declined 10% from January to 4.72 million bpd, the info confirmed. That decline is steeper than preliminary authorities knowledge because it included some parcels that arrived in February and have been discharged in March. The share of South American nations in India’s whole oil imports in February rose due to increased consumption of Venezuelan oil by Indian refiners. In February, Venezuela was the fourth largest provider to India.
In the identical month, Indian refiners reduce imports from Iraq by 32% from January to 861,200 bpd, whereas elevating purchases from Saudi Arabia by 13.8% to 801,700 bpd, the info confirmed.
That led to OPEC’s share in India’s month-to-month imports rising to about 56% in February from 54% in January, it confirmed. For the primary 11 months of economic yr that ends in March 2024, the share of the producers’ group fell to 49.8%, the info confirmed.
