Oil import: India has increased the import of Russian crude oil. Apart from Russia, India has also increased the purchase of crude oil from the United Arab Emirates (UAE). According to experts, Indian refineries have increased crude oil imports from Russia and UAE in June to ensure adequate reserves before the reopening of the Strait of Hormuz and the full restoration of crude oil supply from the Gulf countries.
An average of 26.6 lakh barrels of crude oil coming from Russia daily
According to Kapler data, till June 19 this month, India has imported an average of 26.6 lakh barrels per day (BPD) of crude oil from Russia, which was 19.1 lakh barrels per day in May. Along with this, Russia remains India’s largest oil supplier. India imported 6.36 lakh bpd of crude oil from the UAE in June, close to May’s record 6.44 lakh bpd. Import from Saudi Arabia stood at 3.84 lakh barrels per day. At the same time, Venezuela has emerged as India’s fourth largest crude oil supplier with 2.09 lakh bpd.
Big decline in US crude oil imports
On the other hand, oil imports from America declined to 91,000 bpd. Whereas, in May it was 2.52 lakh bpd. The strategy of diversification is clearly visible in India’s procurement policy. Discounted crude oil from Russia remains attractive, while increased purchases from the UAE helped ensure supply security amid uncertainty over the Strait of Hormuz. India is the world’s third largest energy importer and is heavily dependent on the Gulf region for its crude oil, LNG and LPG needs.
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