Russia’s share of India’s June oil imports surges to record

NEW DELHI: India’s oil imports from Russia surged to a record of around 950,000 barrels per day (bpd) in June, accounting for nearly a fifth of overall imports by the world’s third largest oil consumer, data provided by trade sources showed.
Indian refiners have been snapping up Russian oil sold at hefty discounts to Brent and Middle East staples after some Western companies and countries shunned purchases from Moscow following its invasion of Ukraine on February 24.
India shipped in about 4.8 million bpd of oil in June, down 3.8% from May but about 23% higher than a year earlier, the data showed. Last year, India’s oil imports were low as fuel demand was hit by a second deadly coronavirus wave.
Oil imports from Russia rose 15.5% in June from May, while those from Iraq and Saudi Arabia dropped by 10.5% and 13.5%, respectively, dragging the share of the Middle East to 56.5% from 59.3%, the data showed.