Moscow (The Times Groupe)- Russia has surpassed Saudi Arabia to become India’s second-largest supplier of oil, as refiners snap up the cheap crude oil offered by the Russians after the Ukrainian war, international media reported on Tuesday.
Since the start of the Russia-Ukraine war on Feb. 24, India – the world’s third-largest oil importer – has taken a firm stance on its insistence on buying Russian oil despite the EU ban, because Moscow is selling its oil at a discount of around 30%.
A detailed tracker of Russian oil, gas, and coal shipments, as well as pipeline exports, developed by the Centre for Research on Energy and Clean Air, shows that India has become a significant buyer of Russian crude oil, buying 18% of the country’s exports.
Russia’s crude oil exports to India account for a growing share of Russia’s overall crude exports. Prior to the war, it was roughly 1%. In May, it was 18%.
Jamnagar refinery receives 27% of its oil from Russia, up from less than 5% in April.
Russia has largely replaced other sources of crude imports, but crude intake has also increased since the beginning of April when Russian arrivals increased sharply.
A significant portion of Indian crude is re-exported as refined oil products, including to the U.S. and Europe, which must be addressed.
In May, Iraq remained India’s top supplier, while Saudi Arabia became the third-largest supplier.