India is continuously importing large quantities of crude oil from Russia. The Gulf countries have been left behind in this matter. In fact, India’s crude oil imports from Russia have increased to a record 1.6 million barrels per day in February, which is more than the total oil imports of its traditional suppliers Iraq and Saudi Arabia.
Vertexa, an organization monitoring the import and export of oil, said that Russia alone has supplied more than one-third of the amount of oil imported by India and it remains the single largest supplier of crude oil to India for the fifth consecutive month. .
Russia’s share of oil imports was less than 1 percent before the Ukraine war.
Before the war between Russia and Ukraine in February 2022, Russia’s share in India’s oil imports used to be less than one per cent. But last month in February it increased by 35 percent to 16.20 lakh barrels per day. The increase in India’s imports from Russia has had an impact on oil imports from Saudi Arabia and America. Oil imported from Saudi Arabia decreased by 16 percent on a monthly basis, while oil imports from America decreased by 38 percent.
The lowest supplies from Iraq and Saudi Arabia in the last 16 months
According to energy cargo tracker Vertexa, the amount of oil India now imports from Russia is more than the total imports from Iraq and Saudi Arabia, its suppliers for decades. Iraq supplied 9,39,921 barrels per day of oil in the month of February while Saudi Arabia supplied 6,47,813 barrels per day. This is the lowest supply from Iraq and Saudi Arabia in the last 16 months.
UAE overtook America by supplying 4,04,570 barrels per day to India
In February 2023, the United Arab Emirates (UAE) overtook the US by supplying 4,04,570 barrels per day to India. America supplied 2,48,430 barrels of oil per day, which is less than January’s supply of 3,99,914 barrels per day.
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