Russian Crude Oil Import in May: Since the start of the Russia-Ukraine War, India has been buying crude oil from Russia in large quantities. Now big news is coming regarding this. India has imported Russian Crude Oil from Russia at a record level in the month of May. According to data from energy cargo tracker Vortexa, the amount of crude oil imported from Russia is more than the amount of crude oil taken from Iraq, Saudi Arabia, the United Arab Emirates (UAE) and the United States combined.
Import of crude oil increased by 15 percent as compared to April
According to the data, 42 percent of the total imported crude oil came from Russia last month. In such a situation, this is the biggest consignment of crude oil imported from any country in recent years. In May, India has imported about 19.8 lakh barrels of crude oil from Russia every day. In such a situation, this figure is 15 percent more than the previous month. It is worth noting that since the start of the Russia-Ukraine war, the trade of crude oil between the two countries has increased continuously. In such a situation, this is the eighth consecutive month since the year 2022 when the share of Russian in the crude oil imported into the country has increased.
Import of less oil than OPEC
The increasing share of Russian oil in the Indian market is affecting the crude oil imported from OPEC countries. While 19.8 lakh tonnes of crude oil has been imported every day from Russia last month, the quantity from OPEC countries has been only 18 lakh tonnes. On the other hand, India was importing a total of 47 lakh tonnes of crude oil every day from different countries last month. Every day 8.3 lakh tonnes of crude oil has been imported from Iran, 2.03 lakh tonnes from UAE and 1.38 lakh tonnes from America.
Europe is buying Russian oil through India!
America and Europe’s tussle with Russia increased when Russia attacked Ukraine in February 2022. Since then, many countries of Europe have imposed various types of sanctions on Russia. It also included a ban on the purchase of crude oil. Since then, India had started buying crude oil from Russia at a discount rate. In April 2023, it has been learned from the Reuters report that Europe is buying Russian crude oil in large quantities through India. Diesel and Jet Fuel have been exported the most in this. Due to this, the country’s refineries are getting huge profits.
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