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Oil Import from Russia: India’s oil import from Russia increased 50 times, 10 percent share in total imports

Oil Import from Russia: India’s import of crude oil from Russia has increased by more than 50 times since April and its share in total imported oil has increased to 10 percent. A senior government official gave this information. Before the Ukraine-Russia war, Russia’s share in the oil imported by India was only 0.2 per cent.

An official said, “Russia accounts for 10 per cent of India’s oil imports in April. It is now one of the top 10 suppliers. 40 per cent of Russian oil has been bought by private companies – Reliance Industries and Naira Energy.

Last month, Russia overtook Saudi Arabia as India’s second largest oil supplier. Russia has offered crude oil to India with huge discounts. Indian refinery companies bought about 25 million barrels of Russian oil in May.

According to the data of the Petroleum Planning and Analysis Cell of the Indian Oil Ministry, the total fuel consumption in the country last month was 182 million tonnes. In the future, instead of decreasing it, there has to be an increase. In the financial year 2021-22, India imported 212.22 million tonnes of crude oil. This figure may increase further this year. India imports about 85 percent of its crude oil requirements. India is the third largest importer of petroleum in the world. India imports about 85 percent of its crude oil requirement from other countries.

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