Refiners continue to snap up plentiful Russian cargoes available at a discount to other grades. From a market share of less than 1% in India’s import basket before the start of the Russia-Ukraine conflict in February 2022, Russia’s share of India’s imports rose to 1.6 lakh barrels a day in February (see graphic), taking a 35% share.
India, the world’s third-largest crude importer after China and the US, has been snapping up Russian oil that was available at a discount after some in the West shunned it as a means of punishing Moscow for its invasion of Ukraine. The rise in Russian imports have been at the expense of Saudi Arabia and US. Oil import from Saudi fell 16% month-on-month and that from the US declined 38%.
Russia now accounts for more than the combined oil bought from Iraq and Saudi Arabia – India’s mainstay oil suppliers for decades.
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