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India’s import of Russian oil drops in Nov to lowest level since June 2022
India’s import of Russian crude oil dropped in November to its lowest level since June 2022 but the Kremlin continues to be the biggest source of oil for India, according to a monthly tracker report of a European think tank.
India became the second biggest buyer of Russian crude oil since Moscow invaded Ukraine in February 2022, with purchases rising from less than one per cent of the total oil imported to almost 40 per cent of the country’s total oil purchases.
The rise was primarily because the Russian crude oil was available at a discount to other internationally traded oil due to the price cap and the European nations shunning purchases from Moscow.
“India’s imports of Russian crude oil dropped by a massive 55 per cent in November – the lowest figure since June 2022,” the Centre for Research on Energy and Clean Air (CREA) said its latest report.
Russia remained India’s top oil supplier, followed by Iraq and Saudi Arabia.
“China has bought 47 per cent of Russia’s crude exports, followed by India (37 per cent), the EU (6 per cent), and Turkey (6 per cent),” CREA said without giving absolute numbers.
In November, there was a 17 per cent month-on-month increase in the discount on Russia’s Urals grade crude oil to an average of $6.01 per barrel compared to Brent crude oil. The discount on the ESPO grade narrowed by a massive 15 per cent and was traded at an average discount of $3.88 per barrel while that on the Sokol blend narrowed by 2 per cent to $6.65 per barrel, it said.
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