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Russia continues to remain India’s top crude supplier; imports rise 7% in March
India received 1.36 million barrels of crude oil in a day from Russia in March, according to energy cargo tracker Vortexa. This was 7 percent higher than in the previous month, as India had imported 1.27 million barrels per day (bpd) from Russia in February.
India’s imports from Russia exceeded supplies from other countries, including Iraq and Saudi Arabia, in March. India’s total import of crude oil increased to 4.89 million bpd during the month from 4.41 million bpd in February, according to information from Vortexa. Currently, crude oil prices are hovering around $85 per barrel, but have not crossed the $90-per-barrel mark.
Imports from Russia have been high despite US sanctions on one of the country’s biggest tanker groups late in February. To reduce Russia’s revenue from oil sales, the US had imposed sanctions on Sovcomflot, a Moscow-based shipper, for allegedly violating the price cap on Russian exports. According to a Reuters report, India’s Reliance Industries had thereafter halted buying Russian oil loaded on tankers operated by Sovcomflot.
Meanwhile, sour-grade oil from the Urals was India’s major import from Russia. Other Russian oil grades imported by India include Varandey, Siberian Light and Sokol (from Sakhalin I).
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