India's imports of cheap Russian crude surge since Ukraine invasion: Report

India's oil imports from Russia have been rising since February

FPJ Web DeskUpdated: Tuesday, May 31, 2022, 12:51 PM IST
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US crude oil imports are up by 197,000 barrels to 6.9 million barrels per day during last week. | AFP

India has received 34 million barrels of discounted Russian oil since Moscow invaded Ukraine on February 24, according to Refinitiv Eikon data, more than trebling the value of total imports from Russia, including other products, compared with the same period of 2021, Reuters said.

The volumes of India's seaborne oil imports from Russia exclude CPC Blend oil, which is also exported via Russia's Black Sea port, but mostly supplied by Kazakhstan's subsidiaries of western countries as transit volumes, the report said.

India's oil imports from Russia have been rising since February, as Asia's third-largest economy and the world's third-biggest oil importer, turned to deeply discounted Russian oil, mostly Urals crude, to cut its imports bill, the report said.

(With inputs from Reuters)

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