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India Surpasses China in Buying Russian Crude Amid G7 Price Cap

© Sputnik / Maksim Bogodvid / Go to the mediabankAn oil pumpjack is seen in Almetyevsk District, Tatarstan, Russia.
An oil pumpjack is seen in Almetyevsk District, Tatarstan, Russia. - Sputnik India, 1920, 05.01.2023
Russia remained the top exporter to India for the third month in a row, with a record of 1.17 million barrels per day (mbd) of crude being supplied in December.
India imported 50 percent more seaborne Russian crude in December compared to China, and nine times more than the European Union, according to shipping data firm Vortexa.
This marks the first time that India's imports of Russian crude have exceeded China's, with the latter decreasing by 27 percent to 770,000 barrels per day in December.
This shift in imports coincides with the G7 price cap on Russian imports, which went into effect on December 5.
As per the data compiled by Vortexa, one in every four barrels of crude imported by India in December came from Russia.
Russia remained India's top crude supplier for the third consecutive month in December, with a record 1.17 million barrels per day (mbd) of crude shipped to the country, a 24% increase from the previous month. This was aided by a significant rise in imports by private sector refiners, energy shipping data revealed.
According to government data, India's imports of crude oil from Iraq and the United Arab Emirates decreased slightly, while imports from Saudi Arabia increased. Meanwhile, crude oil exports from the US to India declined by 20 percent.
India has been defending its decision to increase its imports of Russian crude oil amid the Ukrainian crisis, stating that it is the government's fundamental duty to provide affordable energy to its 1.3 billion citizens, who have a per capita income of $2000.
The tanker Sun Arrows loads its cargo of liquefied natural gas from the Sakhalin-2 project in the port of Prigorodnoye, Russia, on Friday, Oct. 29, 2021. - Sputnik India, 1920, 04.01.2023
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