Russia remains India's top oil supplier in Nov
It now makes up for more than a fifth of India’s oil supplies
image for illustrative purpose
New Delhi: Russia has for the second month in a row remained India's top oil supplier in November, surpassing traditional sellers Iraq and Saudi Arabia, according to data from energy cargo tracker Vortexa.
Russia, which made up for just 0.2 per cent of all oil imported by India in the year to March 31, 2022, supplied 9,09,403 barrels per day (bpd) of crude oil to India in November. It now makes up for more than a fifth of India's oil supplies. According to Vortexa, an energy intelligence firm, India imported 8,61,461 bpd of oil from Iraq in November and 5,70,922 bpd from Saudi Arabia. The United States was India's fourth largest supplier at 4,05,525 bpd. India's imports from Russia in November were lower than the volumes bought in October.
India's appetite for Russian oil swelled ever since it started trading on discount as the West shunned it to punish Moscow for its invasion of Ukraine. As per Vortexa, India imported just 36,255 barrels per day of crude oil from Russia in December 2021, compared to 1.05 million bpd from Iraq and 9,52,625 bpd from Saudi Arabia. There were no imports from Russia in the following two months, but they resumed in March, soon after the Ukraine war broke out in late February. India imported 68,600 bpd of Russian oil in March, while it increased to 2,66,617 bpd in the following month and peaked at 9,42,694 bpd in June.
But in June, Iraq was India's top supplier with 1.04 million bpd of oil. Russia, in that month, became India's second-biggest supplier. Imports dipped marginally in the following two months. They stood at 8,76,396 bpd in September before rising to a record 9,35,556 bpd in October, according to Vortexa. The Indian government has been vehemently defending its trade with Russia, saying it has to source oil from where it is the cheapest. The imports in November were made ahead of a price cap agreed by the EU on Russian seaborne oil. But, the government has indicated that oil companies will continue to buy oil from Russia outside the price cap. External Affairs Minister S Jaishankar on December 7 told the Rajya Sabha that Indian refiners will continue to look for the best deals in the interest of the country.
"We do not ask our companies to buy Russian oil. We ask our companies to buy oil (based on) what is the best option that they can get. Now, it depends on what the market throws up," he had said.
