Nov 7, 2022: According to data from energy load tracker Vortexa, Russia overtook longtime suppliers Saudi Arabia and Iraq as India’s top oil supplier in October by a mere 0.2% of the country’s total oil imports during the fiscal year that ended on March 31. Russia’s daily crude oil exports to India as of October were 935,556 bpd, the largest amount ever.
It now supplies 22% of India’s total imports of crude oil, outpacing Saudi Arabia’s 16% and Iraq’s 20.5%.
Since it traded at a discount as the West avoided it to punish Moscow for its invasion of Ukraine, India’s thirst for Russian oil has grown.
In comparison to 1.05 million bpd from Iraq and 952,625 bpd from Saudi Arabia, India purchased just 36,255 barrels per day of crude oil from Russia in December 2021, according to Vortexa, an energy intelligence company.
For the following two months, there were no imports from Russia; however, they started up again in March, not long after the Ukraine War started in late February.
Russian oil was imported by India at a rate of 68,600 barrels per day (bpd) in March, 266,617 bpd the following month, and a peak of 942,694 bpd in June. Iraq, however, remained India’s leading oil supplier as of June, at 1.04 million bpd. This month, Russia became India’s second-largest supplier.
According to Vortexa, the imports somewhat decreased over the ensuing two months. They increased to 835,556 bpd in October from 876,396 bpd in September.
Saudi Arabia came in second with 746,947 bpd in October, ahead of Iraq in second place with 888,079 bpd.
The Indian government has fiercely defended its commerce with Russia, claiming that it must purchase oil from the country where it is most affordable.