India’s second biggest oil supplier was Russia in May, received about 819k bpd/day – data showed

India’s oil imports in May totalled 4.98 million bpd, the highest since December 2020, as state refiners raised output to meet growing local demand while private refiners turned focus to gain from exports, the data showed India has defended its purchase of “cheap” Russian oil saying imports from Moscow made only a fraction of the country’s overall needs and a sudden stop would drive up costs for its consumers

Russian Oil and Gas purchased by India
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Russia rose to become India’s second biggest supplier of oil in May, pushing Saudi Arabia into third place but still behind Iraq which remains number 1, data from trade sources reported.

In May Indian refiners received about 819,000 barrels per day (bpd) of Russian oil, the highest thus far in any month, compared to about 277,00 in April, the data showed.

That provided Indian refiners, which rarely used to buy Russian oil due to high freight costs, an opportunity to snap up low-priced crude.

Market Times

Russian grades accounted for about 16.5% of India’s overall oil imports in May, and helped raise the share of oil from the CIS countries to about 20.5%, while that from the Middle East declined to about 59.5% %, the data showed.

The share of African oil in India’s crude imports last month surged to 11.5% from 5.9% in April, the data showed.

India’s oil imports in May totalled 4.98 million bpd, the highest since December 2020, as state refiners raised output to meet growing local demand while private refiners turned focus to gain from exports, the data showed.

India’s oil imports in May were about 5.6% up from the previous month and about 19% from a year earlier, the data obtained from sources showed.

India has defended its purchase of “cheap” Russian oil saying imports from Moscow made only a fraction of the country’s overall needs and a sudden stop would drive up costs for its consumers.

“Diesel is calling the tune … if you want to boost production of diesel and jet fuel then you need Nigerian and Angolan grades. China has cut imports of Angolan grades because of COVID-related shutdowns so some of these barrels are going to Europe and some to India,” said Ehsan Ul Haq, analyst with Refinitiv.