India ramps up purchases of Russian oil – Reuters — RT Business News

India’s oil imports from Russia soared to a document of round 950,000 barrels per day (bpd) in June, accounting for practically a fifth of its total imports, Reuters reported on Monday, citing information offered by commerce sources.

The report indicated that Indian refiners have been shopping for up Russian oil bought at hefty reductions to Brent and crude from the Center East. In line with information, crude imports from Russia jumped 15.5% in June from Might, whereas these from Iraq and Saudi Arabia dropped by 10.5% and 13.5%, respectively, dragging the share of the Center East to 56.5% from 59.3%.

Russia continued to be the second largest oil provider to India after Iraq, whereas Saudi Arabia remained within the third spot for the second month in a row.

Western sanctions on Moscow have created a chance for Indian refiners to extend purchases of Russian oil at discounted costs, whereas some European prospects have been shunning direct purchases from Russia.

Previous to the battle in Ukraine, Russian oil made up simply 0.2% of all oil imported by India. Throughout April-June (the primary quarter of India’s fiscal yr), the nation’s oil imports from Russia rocketed to 682,200 bpd from 22,500 bpd in the identical interval final yr, information confirmed.

India, the world’s third largest oil shopper, has come below hearth from the West for its continued purchases of Russian oil. Nevertheless, New Delhi has defended its buy of “low-cost” Russian oil, saying it offered solely a fraction of the nation’s total wants and a sudden cease would drive up prices for its shoppers.

India’s oil ministry confirmed earlier that “vitality purchases from Russia stay minuscule compared to India’s whole consumption.”

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