Russia is now India’s second-largest source of crude oil
Indian refiners reap Russian discount rewards
India continues to take significant volumes of discounted Russian crude
India’s crude imports have shifted significantly since the onset of the Russia-Ukraine war in late February. Between March and July this year, Russia replaced Saudi Arabia as India’s second-largest source of crude oil, behind Iraq in first place, thanks to the significant discounts offered by Russian exporters. India imported a total of 80.6mn t of crude oil between April and July, up 21.4pc year-on-year. And the portion of supply from Eurasia—which includes Russia and Azerbaijan, with the later only accounting for a small fraction—accounted for a record 18.8pc of imports during the April-June period this year, compared with just 3.4pc a year earlier, according to petroleum ministry data. Go
Also in this section
2 December 2024
Crucial role of gas means country is laying the foundations to control physical and trading supply chains
30 November 2024
Decades of turmoil have left Iraq’s vast energy potential underutilised, but renewed investment and strategic reforms are transforming it into a key player in the region
29 November 2024
Although Iraq remains a major crude exporter, it is still some way from becoming a regional energy supply hub. Ambitious new cross-border schemes aim to rectify that situation
29 November 2024
There are opportunities for attractive returns and greater project success amid a real push by the Iraqi government for reform, as long as there is a shared understanding between the needs of investors and the host government
