India’s marine oil import volume from Russia does not include CPC blend oil, which is also exported through Russia’s Black Sea port, but is mostly supplied as transit volume by Western subsidiaries of Kazakhstan. Is.
India’s oil imports from Russia have been rising since February, as Asia’s third-largest economy and the world’s third-largest oil importer heavily discounted Russian oil, mostly Ural crude, to cut its import bill.
The country received more than 24 million barrels Russian crude Refinitiv is set to receive 7.2 million barrels this month, about 3 million in April and about 3 million in March, and about 28 million in June, according to Eikon Oil Flow.
The increase in energy imports helped push India’s total freight imports from Russia to $6.4 billion between February 24 and May 26, compared to $1.99 billion in the same period last year, according to government data seen by Reuters.
However, India’s exports to Russia fell by almost 50% over that period to $377.07 million, as its government has yet to establish a formal payment mechanism.
As the West responded to the offensive with a barrage of sanctions, India came under fire for its continued purchases of Russian energy.
New Delhi shrugged off the criticism, saying those imports made up only a fraction of the country’s overall needs and said it would continue to buy “cheap” Russian oil, arguing that the abrupt shutdown would be costly for its consumers. The cost will increase.
Russian and Indian energy companies are also discussing term supply agreements and possible acquisitions of stake in Russian oil and gas projects.