India, the world’s third largest oil importer and client, has been tapping Russian oil offered at a reduction after Western nations imposed sanctions on Moscow over the Ukraine battle.
The South Asian nation imported a mean of 4.88 million barrels per day (bpd) of oil within the fiscal 12 months to March 2025, a development of 5% over the earlier 12 months.
Import of Russian oil rose 7.3% to 1.76 million bpd, elevating its share marginally to 36% whereas OPEC’s share slipped barely to 48.5%, the info confirmed.
Russia is an ally of the Group of Petroleum Exporting International locations however has eaten into the market of key OPEC producers from the Center East.
Altered commerce flows on account of geopolitical tensions and costlier shipments from some conventional suppliers have pushed India to diversify sources of crude and faucet cheaper provides from even far-flung areas corresponding to Russia. Iraq and Saudi Arabia had been the second and third largest sources of crude for India. India’s oil imports from Saudi Arabia in 2024-25 plunged to the least in 14 years whereas these from Iraq declined to a four-year low, knowledge compiled by Reuters confirmed.
Indian refiners restricted buy of Saudi oil on account of increased official promoting costs set by state-owned Saudi Aramco for a lot of the 12 months, trade sources stated.
Decrease imports from Iraq and Saudi Arabia dragged down the share of Center East provides in India’s crude imports.
In March, India’s imports of Russian oil rose about 11% from February to 1.7 million bpd, the very best in 5 months, the info confirmed.
India imported 5.3 million bpd oil in March, up 1.3% from the earlier month, the info confirmed. The U.S. was the fourth largest oil provider to India in the course of the month.
