Business & Economy

Russia Continues Reign in India's Crude Market, Retains Top Position in April

© Sputnik / Maxim BlinovOil Rig in the Bavlinsky District of the Republic of Tatarstan
Oil Rig in the Bavlinsky District of the Republic of Tatarstan - Sputnik India, 1920, 30.04.2024
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.
Crude oil  - Sputnik India, 1920, 09.04.2024
India's Oil Trade with Russia Surges as US Influence Wanes
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