The Russian Federation has become the main supplier of oil to India in the 2023/24 financial year. Thereby, they squeezed the market share of producers of the Middle East and the Organization of Petroleum Exporting Countries (OPEC) to a historical minimum.
This is reported by Reuters .
According to the agency, India began buying Russian oil, which is sold at a discount, after Western countries refused to buy and imposed sanctions on the Russian Federation after a full-scale invasion of Ukraine. As a result, Russia became the main supplier for the third largest oil importer in the world.
New Delhi continues to buy Russian oil, despite the problems caused by a series of sanctions aimed at reducing the income of the Russian Federation from the sale of oil to finance the war in Ukraine.
Russia is an OPEC ally, but it has absorbed a share of Indian oil supplied by key OPEC producers in the Middle East.
The report said Russian oil accounted for about 35% of India’s total oil imports of 4.7 million barrels per day (bpd) in the fiscal year ended March 31, compared with 22% a year earlier.
India imported 1.64 million barrels per day of Russian oil in the 2023/24 financial year, up about 57% from the previous year, the data showed.
This increased the share of oil from Russia, Kazakhstan and Azerbaijan, members of the Commonwealth of Independent States (CIS), in India’s imports to 39% in 2023/24 from 26% a year earlier. Conversely, the share of Middle Eastern oil in India’s imports fell to an all-time low of 46% from 55%.
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