India bought 1.96 million barrels of crude oil per day from Russia in May

India bought 1.96 million barrels of crude oil per day from Russia in May

New Delhi: India’s import of cheap crude oil from Russia has reached a record high in the month of May. Since the start of the Russia-Ukraine War, India has been buying crude oil from Russia in large quantities. Crude oil imports from Russia have touched a record level in May. Due to this, there has been a decline in the quantity of crude oil from OPEC countries imported into India. Industry data shows that imports from Russia have now surpassed oil purchases from Saudi Arabia, Iraq, the United Arab Emirates (UAE) and the US collectively. India imported 1.96 million barrels of oil per day from Russia in May, up 15 per cent from the previous high in April, according to data from energy shipments tracker Vortexa.

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42 percent stake

Now Russia’s share in India’s total crude oil imports has gone up to 42 percent. This is the highest share for a single country in recent years. India’s crude oil imports from Russia have increased at the expense of traditional suppliers from West Asia. Oil imports from Saudi Arabia declined to 560,000 tonnes in May. This is the lowest level since February 2021. The Organization of the Petroleum Exporting Countries-OPEC’s share in India’s crude imports declined to an all-time low of 39 per cent in May. At one point of time, OPEC accounted for 90 per cent of India’s oil purchases.

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Russian oil share rising

The share of Russian oil in India’s imports has been rising steadily since Russia’s invasion of Ukraine in February last year. This is the eighth month in a row that Russia remains India’s largest supplier. Crude oil is converted into petrol and diesel in refineries. Iraq exported 8.3 lakh barrels per day (bpd) of oil to India in May. And the United Arab Emirates supplied 2,03,000 barrels per day. Data shows that imports from the US stood at 1,38,000 barrels per day during this period.

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