Russia Remains Top Crude Oil Supplier to Leading Asian Economy, Outpacing Iraq and Saudi Arabia

Russia remains India’s top crude oil supplier for the sixth straight month as imports rose to a new high of 1.64 million bpd in March 2023, according to oil analytics firm Vortexa.

The company said that “purchases in Russia doubled in March last year compared to 0.82 million barrels of oil per day, which was purchased from Iraq, which was the largest supplier of oil to India in 2017-2018.”

The company added that “Russian purchases increased slightly on a monthly basis from 1.62 million bpd in February 2023 to 1.64 million bpd in March 2023.”

Analysts at Vortexa, an oil analytics firm, indicated that Russia’s share of Indian imports rose to 34% in March last year, and indicated that purchases by Indian refineries of Russian Urals oil remained stable in March, due to an increase in imports of other grades, such as like New Port Light.

Last month, Saudi Arabia emerged as the second largest supplier of crude oil to India, shipping 986,288 bpd, while Iraq came in third with imports of 821,952 bpd, according to the data.

At the same time, the UAE came in fourth place with supplies of 313,002 bpd and thus overtook the United States (136,464 bpd).

Source: News

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