Russia accounts for 28% of India’s oil imports in January
BENGALURU: The share of Russian crude rose to a record 28% of India’s oil imports in January, remaining the top supplier for the fourth month in a row on heavy bargain hunting by refiners, data from ship tracking showed.
Russian crude accounted for 0.2% of India’s oil imports due to uneconomical transport logistics before Moscow sent troops into Ukraine on February 24 last year.
As the the West responded with sanctions followed by a price cap and a ban on importing Russian crude, Indian refiners started lapping up the shunned barrels at discounts.
