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Russian Oil: India’s Russian crude oil imports rose 4% to a five-month high of 2.6 million euros in November, compared to 2.5 million euros in October.
Russian Oil: India’s Russian crude oil imports rose 4% to a five-month high of 2.6 million euros in November, compared to 2.5 million euros in October. According to European think tank CREA, India remained the second largest global buyer of Russian fuel, while China remained at the first position. China’s share in Russia’s crude oil exports in November was 47%, India’s 38%, Türkiye’s 6% and the European Union’s 6%. India exported a large part of the refined fuel made from this imported oil to Australia. India, the world’s third largest oil importer, emerged as the largest buyer of Russian crude due to Western countries distancing themselves from Russia after Russia’s attack on Ukraine in February 2022. CREA said India has registered a 4 percent increase in Russian crude oil imports compared to last month and has reached the highest level in the last five months. Another increase in India’s purchases may be recorded in December.
22 percent increase every month
On October 22, the US imposed sanctions on Rosneft and Lukoil, Russia’s two largest oil producers, to block the Kremlin’s funding resources for the Ukraine war. As a result of these restrictions, companies like Reliance Industries, Hindustan Petroleum Corporation Limited (HPCL), HPCL-Mittal Energy Limited and Mangalore Refinery and Petrochemicals Limited have currently stopped imports. However, other refineries like Indian Oil Corporation (IOC) continue to buy oil from sanctioned Russian entities. CREA said that while imports from private refineries declined marginally, state-owned refineries increased Russian crude volumes by 22 percent month-on-month in November. India, the world’s third largest oil importer, emerged as the largest buyer of discounted Russian crude due to Western countries distancing themselves from Russia after Russia’s invasion of Ukraine in February 2022.
Russia supplied 35% crude oil in November
Russia supplied about 35 percent of the total crude oil imported by India in November. By refining this crude oil and other crude oils, fuels like petrol and diesel are made. These fuels are consumed both domestically in India and exported. CREA said six refineries in India and Turkey in November exported 807 million euros worth of refined oil products, partly made from Russian crude, to the EU (465 million euros), the US (110 million euros), the UK (51 million euros), Australia (150 million euros) and Canada (31 million euros). An estimated 301 million euros worth of these products were refined from Russian crude. Exports to Australia increased by 69 percent in November (150 million euros). The report further states that all these consignments were sent from India’s Jamnagar Refinery. The European Union has banned the import of fuel made from Russian oil, while Australia, Canada and the US have not yet announced a ban on oil products made from Russian crude.
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