Russia accounts for lions share of Indias oil imports Reuters RT Business News
Russian oil exports to India reach milestone
Growing oil imports from Russia also pushed up the share of crude from Commonwealth of Independent States members, including Azerbaijan and Kazakhstan, to 43.6% of an overall 4.81 million bpd imported by India last month. At the same time, Middle Eastern supplies, which traditionally made up the majority New Delhis oil imports, fell to 44%, while African crude accounted for just 3.4%, the outlet said.
"Indian refiners have cut their spot purchases of Middle Eastern and West African grades as we are getting supply of Russian oil at lower prices," an official from an Indian refinery told Reuters.
While OPECs share of Indian oil imports is on the wane, Russian supplies are likely to remain high after the countrys largest oil producer Rosneft and India's top refiner Indian Oil Corp signed an agreement in March to substantially increase oil supplies and diversify oil grades delivered to India.
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Monday, May 22, 2023 at 5:30 am