Russia accounted for nearly 30% of the crude oil imported to India in October, and remained India’s top source for oil imports, according to official data. The value of Russia’s supply to India in the month stood at $3.78 billion, which was a 44% year-on-year increase from October 2022.
The increase in October imports was triggered by increased demand for petroleum products in the festive season.
“Overall, in the April-October period, India’s crude import bill actually fell 19.53% y-o-y to $76.57 billion. But imports from Russia have increased 83.95% in the same period to $26.9 billion,” it is reported.
Before the war in Ukraine began, Russia accounted for only 2% of India’s total oil imports, behind Iraq, Saudi Arabia and the UAE. But after the war and US-led sanctions on Russia, Russia offered big discounts on oil, up to $30 per barrel. The discounts have fallen drastically this year, to about $5-6 per barrel.
