India’s crude supply mix has seen a dramatic shift
Have India’s imports of Russian crude peaked?
Russia has leapfrogged Mideast sources to become India’s largest supplier, but flows may be poised to plateau
India’s crude supply mix has seen a dramatic shift over the last 18 months. Russia, which accounted for a meagre 2% of India’s oil imports before the war in Ukraine, now accounts for more than 40% of the country’s total. For ten months in a row between October 2022 and July 2023, Russia was the largest supplier for Indian crude importers. Russia has displaced traditional Middle Eastern crude suppliers by such a wide margin that Russian imports in July were higher than the combined imports of the next four-largest sources—Iraq, Saudi Arabia, the UAE and the US. ”India’s imports of Russian crude are likely to slow in the coming months with Russia scaling back its exports” Huang, Vorte
Also in this section
22 November 2024
The Energy Transition Advancement Index highlights how the Kingdom can ease its oil dependency and catch up with peers Norway and UAE
21 November 2024
E&P company is charting its own course through the transition, with a highly focused natural gas portfolio, early action on its own emissions and the development of a major carbon storage project
21 November 2024
Maintaining a competitive edge means the transformation must maximise oil resources as well as make strategic moves with critical minerals
20 November 2024
The oil behemoth recognises the need to broaden its energy mix to reduce both environmental and economic risks
