Indo-Russian Relations
Daily coverage of what makes ties between Delhi & Moscow ever-lasting — even in times of western sanctions.

Indian Imports of Russian Crude Hit Record One Million BPD

© AP PhotoAn oil tanker is moored at the Sheskharis complex, part of Chernomortransneft JSC, a subsidiary of Transneft PJSC, in Novorossiysk, Russia, on Oct. 11, 2022.
An oil tanker is moored at the Sheskharis complex, part of Chernomortransneft JSC, a subsidiary of Transneft PJSC, in Novorossiysk, Russia, on Oct. 11, 2022. - Sputnik India, 1920, 16.01.2023
Delhi overtook Beijing as the biggest buyer of Russian seaborne crude in 2022.
India’s imports of Russian crude surged to a record high of one million barrels per day (bpd) in December, the latest data by energy cargo tracking firm Vortexa has revealed.

According to Vortexa, Russian crude accounted for a quarter of India’s overall oil imports.

The record figures are reported for the same month when the ‘price cap’ on supplies of Russian seaborne crude kicked in on December 5.

Why India Continues to Buy Russian Oil

India is the world’s third-biggest importer of energy and relies on imports to meet 85 percent of its domestic requirements. The country imported 909,403 bpd of Russian crude in November and nearly 935,556 bpd in October, as per Vortexa data.
Before Russian crude exports to India topped a million bpd last month, the previous high was recorded last June, when Delhi’s imports of the energy commodity topped 942,000.
Meanwhile, India’s crude imports from its traditional suppliers in the Middle East maintained a steady pace in December as compared to previous months.
Iraq, which was Delhi’s biggest source of crude before last year, exported just over 803,000 barrels a day of oil to India last month.
On the other hand, crude exports from Saudi Arabia to India were recorded at just over 718,000 bpd in December. The United Arab Emirates (UAE) and the US were the fourth and fifth biggest suppliers of crude to Delhi last month, as per Vortexa.
India’s imports of crude from its "time-tested friend" Russia have surged to record levels since the beginning of the special military operation in Ukraine last February.

Delhi has consistently rejected pressure from its western partners to draw down its commercial ties with Moscow, instead augmenting its supplies of the commodity amid a global surge in energy prices caused by efforts to phase out Russian energy products from the market.

A windmill farm works in Anantapur district, Andhra Pradesh, India, Wednesday, Sept 14, 2022. - Sputnik India, 1920, 13.01.2023
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India has also said that importing crude from Russia has helped it keep domestic inflation under check.

West’s Price Cap on Russian Seaborne Crude

Backed by the G7 club and Australia, the price cap mandates that countries purchasing Russian oil must pay a price of $60 a barrel for seaborne supplies should they avail western maritime and insurance services.
The price cap rate is lower than international crude prices.
In response, Moscow has said that it would ban the supplies of Russian crude to countries that impose the measure.