In May, the share of Russian oil in the total structure of oil imports to India rose to 45%. In this respect informs Infotek with reference to Energy Intelligence data.
Since the beginning of this year, Indian state-owned companies have purchased about 167 million barrels of fuel from Russia, or 1.1 million barrels per day. Last year, this figure was 420 thousand barrels per day on average. Most of the Russian oil was bought by Bharat Petroleum, Indian Oil and ONGC. India is buying a barrel of Ural oil from Russia at a discount of $10.
From the article, the Indian authorities do not plan to reduce the volume of purchases. Fuel demand is increasing in the country. Thus, gasoline consumption in India in May increased by 13% compared to April and reached 841 thousand barrels per day. Diesel demand, on the other hand, increased by 0.9% in the same period to 1.796 million barrels per day.
Oil supply from Russia to India increased 14 times in the 2022-2023 fiscal year (end of 31 March), knowledgeable Business Standard newspaper citing the annual report of the Reserve Bank of India. According to the regulator, Russian crude oil imports rose from $2.2 billion last year to $31.02 billion. Thus, Russia, surpassing countries such as Kuwait and the United Arab Emirates, became the country’s main oil supplier in this period.