India Continues to Be Major Buyer of Russian Oil
NEW DELHI: In May, India held onto its position as the second-largest buyer of Russian crude oil, spending around 4.8 billion euros (about $5.6 billion). This represents an increase of nearly 7% compared to the 4.5 billion euros ($5.2 billion) spent in April, according to a recent report from the Centre for Research in Energy and Clean Air (CREA), a think tank based in Finland.
The report highlighted that India’s total imports of Russian energy amounted to 5.8 billion euros ($6.7 billion), with crude oil making up 83% of these purchases. China remains the biggest importer of Russian energy, with nearly 7 billion euros ($8.1 billion) in purchases.
CREA noted that India’s overall crude oil imports saw an increase of 8% month-on-month in May. This rise was mainly due to higher volumes received at the Vadinar and Jamnagar refineries, which increased by 36% and 14%, respectively. State-owned refineries also reported significant month-on-month increases of 13% and 42%.
As India continues to rely on Russian oil, these developments highlight the ongoing changes in global energy markets.
