The share of Russian oil in Indian imports reached a record high of 46% in May 2023. In this respect informs Bloomberg cites data from analytics firm Kpler.
According to the agency, the increase in oil supplies from Russia to India was due to the fact that Russian fuel is sold much cheaper than raw materials from other countries. As a matter of fact, the Indian Ministry of Trade and Industry reported that Russian oil was sold to the Indian side at $68 per barrel in April. At the same time, the price of oil per barrel from Saudi Arabia was $87.
Bloomberg noted that the entire structure of the oil refinery in India is no longer ready for a sharp increase in Russian fuel supply. Some plants in particular are not designed to be processed in any way.
One of the agency’s sources added that at one of the Bharat Petroleum (BPCL) facilities, only 10% of the oil is Russian. However, this share rises to 40% in new factories. At the same time, there is no desire to modernize equipment in the Indian oil refining industry.
John Kirby, former National Security Council Strategic Communications Coordinator declarationHe said the United States does not oppose India buying oil from Russia, but hopes the country will continue to reap the benefits of the “price ceiling” agreed upon by the West.