Russian Oil: Last month, Russian oil accounted for about 27% of the 5 million bpd crude oil imported by India, the world’s third largest oil importer and consumer.
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India imported Russian Oil: India’s Russian oil imports climbed to a record 1.4 million barrels per day (bpd) in January. Which is 9.2% above the month of December. Moscow still remains the largest monthly oil seller to New Delhi, followed by Iraq and Saudi Arabia. business source data Last month, Russian oil accounted for about 27% of the 5 million bpd crude oil imported by India, the world’s third-largest oil importer and consumer, according to the .
India’s oil imports typically rise in December and January as state-run refiners avoid maintenance shutdowns in the first quarter to meet their annual production targets set by the government. Refiners in India, which rarely buy Russian oil due to expensive logistics, have emerged as Russia’s major oil customer after its invasion of Ukraine last February blocked off subsidized crude by Western nations.
India’s oil import from Canada increased
India’s imports of Russian Sokol crude last month hit an all-time high at 100,900 bpd, as production from the Sakhalin 1 field resumed under a new Russian operator. In January, India’s oil imports from Canada rose to 314,000 bpd, data showed, as Reliance Industries boosted long-distance crude purchases.
Canada emerged as the largest supplier
According to the report, after the United Arab Emirates, Canada emerged as India’s fifth largest supplier in January. India’s Iraqi oil imports reached a seven-month high of 983,000 bpd in January, up 11% from December. During April-January, the first ten months of this financial year, Iraq remained the largest oil supplier to India, while Russia became the second largest supplier replacing Saudi Arabia, which is now at the third position.
Higher purchases of Russian oil pulled down Indian imports from the Middle East to a record low of 48%, the lowest decline among Organization of the Petroleum Exporting Countries (OPEC) member countries.
Source: www.tv9hindi.com
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