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Russia Is India’s Top Oil Supplier For Second Month In A Row, EAM Jaishankar Says ‘Sensible Policy To Buy Oil At Best Deal’
The Indian government has been vehemently defending its trade with Russia, saying it has to source oil from where it is the cheapest. External Affairs Minister S Jaishankar told the Rajya Sabha this week, ‘we buy oil from multiple sources, but it is a sensible policy to go where we get the best deal in the interests of the Indian people.’
Russia has for the second month in a row remained India’s top oil supplier in November, surpassing traditional sellers Iraq and Saudi Arabia, according to data from energy cargo tracker Vortexa.
Increasing share of Russian crude in India’s oil basket
Russia, which made up for just 0.2 per cent of all oil imported by India in the year to March 31, 2022, supplied 9,09,403 barrels per day (bpd) of crude oil to India in November. It now makes up for more than a fifth of India’s oil supplies.
India’s appetite for Russian oil swelled ever since it started trading on discount as the West shunned it to punish Moscow for its invasion of Ukraine. As per Vortexa, an energy intelligence firm, India imported just 36,255 barrels per day of crude oil from Russia in December 2021, compared to 1.05 million bpd from Iraq and 9,52,625 bpd from Saudi Arabia.
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