New Delhi, June 14: India’s imports of Russian crude oil increased significantly in May, strengthening Russia’s position as one of India’s largest energy suppliers, according to a report by the European Centre for Research on Energy and Clean Air.
The report stated that India purchased oil and coal worth around 5.8 billion euros from Russia during the month. With the increase in purchases, India emerged as the second largest buyer of Russian oil in May.
The report noted that India’s crude oil imports from Russia rose by 21 percent in May compared with April.
Among private refiners, purchases at Vadinar refinery increased by 36 percent, while imports at Jamnagar refinery rose by 14 percent. Public sector refiners also expanded procurement of Russian crude during the same period.
Refineries at New Mangalore and Visakhapatnam, which had paused Russian crude imports since November last year, resumed purchases in March and further increased volumes in May.
The report also said India, Turkey, Brunei and Georgia exported oil products worth 641 million euros to international markets after processing Russian crude.
Countries including Europe, Australia, the United States and New Zealand imported some of these refined products. Crude processed at Reliance’s Jamnagar refinery was among exports reaching the US market.
India has continued balancing energy security and cost considerations while maintaining diversified crude sourcing strategies.
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