https://sputniknews.in/20240430/russia-continues-reign-in-indias-crude-market-retains-top-position-in-april-7255217.html
Russia Continues Reign in India's Crude Market, Retains Top Position in April
Russia Continues Reign in India's Crude Market, Retains Top Position in April
Sputnik India
Russia continued its hold on India's crude market, emerging as the South Asian nation's top oil supplier in April.
2024-04-30T18:42+0530
2024-04-30T18:42+0530
2024-04-30T18:42+0530
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Russia continued its hold on India's crude market, emerging as the South Asian nation's top oil supplier in April.According to statistics compiled by data tracking firms Kpler and LSEG, India imported 1.82 million barrels per day (bpd) from the Eurasian nation in April.This is a significant jump from its March figures when Russian oil exports to India stood at 1.36 million bpd, as per energy cargo tracking agency Vortexa.Following Russia in the list of India's top oil suppliers in April were Iraq and Saudi Arabia.Notably, India increased its oil imports from Russia after Western nations led by the US imposed unilateral economic sanctions on Moscow following the start of its Special Military Operation (SMO) in Ukraine in February 2022.Moreover, it is worth highlighting that a recent report found that India has saved at least $13 billion due to its imports of Black Gold from Russia.
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indian oil imports from russia, indian crude imports from russia, russian oil exports to india, russian crude exports to india, russian oil, india's total imports, energy cargo tracker vortexa, discounts and sanctions from g7 nations, russia, india's oil imports, iraq, saudi arabia, uae, us, supply volumes, russia, russian crude oil, shipping and insurance intricacies, crude oil acquisition.
indian oil imports from russia, indian crude imports from russia, russian oil exports to india, russian crude exports to india, russian oil, india's total imports, energy cargo tracker vortexa, discounts and sanctions from g7 nations, russia, india's oil imports, iraq, saudi arabia, uae, us, supply volumes, russia, russian crude oil, shipping and insurance intricacies, crude oil acquisition.
Russia Continues Reign in India's Crude Market, Retains Top Position in April
India is the second largest importer of Russian crude in the world with China occupying the top spot.
Russia continued its hold on India's crude market, emerging as the South Asian nation's top oil supplier in April.
According to statistics compiled by data tracking firms
Kpler and
LSEG, India imported
1.82 million barrels per day (bpd) from the Eurasian nation in April.
This is a significant jump from its March figures when Russian oil exports to India stood at 1.36 million bpd, as per energy cargo tracking agency Vortexa.
Following Russia in the list of India's top oil suppliers in April were Iraq and Saudi Arabia.
Notably, India increased its oil imports from Russia after Western nations led by the US imposed unilateral economic sanctions on Moscow following the start of its Special Military Operation (SMO) in Ukraine in February 2022.
Moreover, it is worth highlighting
that a recent report found that India has saved at least $13 billion due to its imports of Black Gold from Russia.
"ICRA estimates this to have led to savings in India’s oil import bill amounting to $5.1 billion in FY2023 and $7.9 billion in 11M FY2024, thereby compressing India’s current account deficit (CAD)/GDP ratio by 15–22 bps in FY2023-24," a study conducted by rating agency ICRA said this month.
