NEW DELHI: India’s imports of Russian crude oil dropped by 55% in November making the lowest since June 2022, the Centre for research on energy and clean air (CREA) said in its latest report. Despite this decline, Russia remains the largest source of oil for India.
“India’s imports of Russian crude oil dropped by a massive 55 per cent in November – the lowest figure since June 2022,” it said.
Since Russia’s invasion of Ukraine in February 2022, India has become the second-largest buyer of Russian crude, with its purchases surging from less than 1% to nearly 40% of the country’s total oil imports.
In November, India’s total crude oil imports saw an 11% month-on-month decline, with Russian crude experiencing the sharpest drop of 55%. India relies on imports for over 85% of its crude oil, which is then refined into fuels like petrol and diesel.
Further, China accounted for 47% of Russia’s crude oil exports, while India purchased 37%, with the European Union and Turkey each importing 6%. CREA did not provide exact figures for these exports.
“China has bought 47 per cent of Russia’s crude exports, followed by India (37 per cent), the EU (6 per cent), and Turkey (6 per cent),” the report said.
In December 2022, the Group of Seven (G7) nations, the European Union, and Australia imposed an embargo on Russian crude and set a $60 per barrel price cap in an effort to restrict funding for Russia’s war efforts.
Over the following year, the price cap and embargo significantly impacted Russia’s revenues, prompting the country to seek new markets and alternative methods of transporting its oil. To adapt, Russia began offering steep discounts on its Urals-grade crude.