National/International/Business Desk
13 July
Sandeep Dhand Ludhiana
Journalist And Research Analyst
India’s imports of Russian crude oil reached a record high in June, according to a report by the Centre for Research on Energy and Clean Air (CREA). The report stated that although Russia’s overall earnings from oil exports declined due to lower global prices, India significantly increased its purchases of Russian crude during the month.
India imported Russian crude oil worth 4.5 billion euros in June, making up 83 percent of its total Russian fossil fuel imports valued at 5.5 billion euros. With this increase, India became the second-largest buyer of Russian hydrocarbons after China. Russian crude oil imports by India rose by 34 percent compared to May, while the country’s overall crude oil imports increased by 5.4 percent during the same period.
The report also highlighted a sharp rise in supplies to major Indian refineries. Deliveries to the Jamnagar refinery increased by 150 percent, while imports at the Paradip refinery rose by 126 percent. Supplies to the Kochi refinery and the Vadinar refinery also recorded strong growth of 83 percent and 45 percent, respectively.
The surge in Indian demand helped boost Russia’s crude oil export volumes by 14 percent in June. However, despite exporting more oil, Russia’s daily crude oil revenue fell by 8 percent to 348 million euros because of lower international oil prices.
