Last Updated: February 20, 2023, 10:46 IST
India’s oil imports sometimes rise in December and January. (Photo: Reuters File)
Moscow is the highest month-to-month oil vendor to New Delhi, adopted by Iraq and Saudi Arabia
India’s Russian oil imports climbed to a report 1.4 million barrels per day (bpd) in January, up 9.2 per cent from December, with Moscow nonetheless the highest month-to-month oil vendor to New Delhi, adopted by Iraq and Saudi Arabia, information from commerce sources confirmed.
Last month, Russian oil accounted for about 27 per cent of the 5 million bpd of crude imported by India, the world’s third-biggest oil importer and shopper, the information confirmed.
India’s oil imports sometimes rise in December and January as state-run refiners keep away from upkeep shutdowns in the primary quarter to satisfy their annual manufacturing targets fastened by the federal government.
Refiners in India, which not often used to purchase Russian oil due to expensive logistics, have emerged as Russia’s key oil consumer, snapping up discounted crude shunned by Western nations because the invasion of Ukraine final February.
Last month India’s imports of Russian Sokol crude oil had been the best up to now at 100,900 bpd, as output from the Sakhalin 1 area resumed below a brand new Russian operator, the information confirmed.
In January, India’s imports of oil from Canada rose to 314,000 bpd as Reliance Industries boosted purchases of long-haul crude, the information confirmed.
Canada emerged because the fifth-largest provider to India in January after the United Arab Emirates, the information confirmed.
India’s Iraqi oil imports in January rose to a seven-month excessive of 983,000 bpd, up 11 per cent from December, the information confirmed.
During April-January, the primary ten months of this fiscal yr, Iraq continued to be the most important oil provider to India, whereas Russia turned the second-biggest provider, changing Saudi Arabia which is now in third place, the information confirmed.
Higher purchases of Russian oil dragged down Indian imports from the Middle East to an all time low of 48 per cent and member nations of Organization of Petroleum Exporting Countries (OPEC) declined to the bottom ever, the information confirmed.
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(This story has not been edited by News18 workers and is printed from a syndicated information company feed)
