India is buying the most crude oil from Russia, supply is not increasing from OPEC countries after all measures

India Crude Oil Import: 19.6 lakh barrels per day of crude oil has been exported to India from Russia in May. This is 42 percent of India's total crude imports in May.

Jun 4, 2023 - 14:41
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India is buying the most crude oil from Russia, supply is not increasing from OPEC countries after all measures

Import of Russian crude oil from India is increasing month by month. It has set a new record in May. Due to getting discounts from Russia, Indian oil companies are continuously increasing the purchase of Russian crude oil.
According to industry data, last month India bought as much crude oil from Russia as Saudi Arabia, Iraq, UAE, and the US combined.
According to data provided by energy cargo tracker Vortexa, India imported 1.96 million barrels per day of crude oil from Russia in May, which is 15 percent more than in April. This constituted 42 percent of India's crude imports in May. This is the largest share achieved by any single country in India's crude oil imports in the last few years.
India has imported only 39 percent of its crude oil imports from OPEC, a group of oil-producing countries. This is India's lowest level of crude oil import from OPEC. At one time, 90 percent of the crude oil imported by India was imported from OPEC countries.
OPEC countries exported 18 lakh barrels per day of crude oil to India in May, which was 21 lakh barrels per day in April.
This is the eighth month in a row that Russia has remained the No.1 supplier of India's crude oil imports. Russia accounted for 42 percent of Indian crude imports in May.
Iraq has been at number two after Russia in May. Iraq has exported 8.30 lakh barrels per day of crude oil to India. After this, Saudi Arabia exported 5.6 lakh barrels per day, UAE 2.03 lakh barrels per day, and America 1.38 lakh barrels per day of crude oil to India.

Muskan Kumawat Journalist & Writer