Russian Crude Oil Import in May: Since the start of the Russia-Ukraine War, India has been buying crude oil from Russia in large quantities. Now the big news is coming regarding this. India imported Russian Crude Oil from Russia at a record level in May.
According to energy cargo tracker Vortexa data, the amount of crude oil imported from Russia is more than that of crude oil from Iraq, Saudi Arabia, the United Arab Emirates (UAE), and the United States combined.
Import Of Crude Oil Increased By 15 Percent As Compared To April
According to the data, 42 per cent of the total imported crude oil came from Russia last month. In such a situation, this is the most enormous consignment of crude oil imported from any country in recent years. India imported about 19.8 lakh barrels of crude oil from Russia daily in May.
This figure is 15 per cent more in this situation than the previous month. It is worth noting that since the start of the Russia-Ukraine war, the trade of crude oil between the two countries has increased continuously. In such a situation, this is the eighth consecutive month since 2022 when the share of Russian crude oil imported into the country has increased.
Import Of Less Oil Than OPEC
The increasing share of Russian oil in the Indian market affects the crude oil imported from OPEC countries. While 19.8 lakh tonnes of crude oil were imported daily from Russia last month, the quantity from OPEC countries was only 18 lakh tonnes.
On the other hand, India imported tonnes of crude oil every day in different countries last month. Every day 8.3 lakh tonnes of crude oil are imported from Iran, 2.03 lakh tonnes from UAE and 1.38 lakh tonnes from America.
Europe Is Buying Russian Oil Through India!
America and Europe’s tussle with Russia increased when Russia attacked Ukraine in February 2022. Since then, many European countries have imposed various sanctions on Russia. It also included a ban on the purchase of crude oil. Since then, India has started buying crude oil from Russia at a discount rate.
In April 2023, it was learned from the Reuters report that Europe is buying Russian crude oil in large quantities through India. Diesel and Jet Fuel have been exported the most in this. Due to this, the country’s refineries are getting huge profits.
