As per the information from the energy cargo tracker Vortexa (Energy Intelligence Firm), Russia became India’s top oil supplier beating Saudi Arabia and Iraq in October.
Russia made up 22% of India’s crude imports in October; however, it was just 0.2% in March 2022. In October, Russia supplied 9,35,556 BPD (Barrels Per Day) of crude oil to India, the highest ever.
According to Vortexa, India has been importing crude oil from Russia since December 2021. However, in the following months, there were no imports due to Russia’s war on Ukraine, but the supply resumed in the month of March.
In March, India imported 68,600 BPD of Russian oil, which increased to 2,66,617 BPD in the next month and reached 9,42,694 BPD in June. In the month of June, Iraq was the top supplier with 1.04 million BPD of oil, and Russia held second place.
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But for the next two months, the number of BPD slightly decreased. Again in September, there were 8,76,396 BPD which rose to 8,35,556 BPD in October, as per the stats given by Vortexa.
India is defending this crude oil trade with Russia stating that crude oil price is cheapest here. Oil Minister Hardeep Singh Puri said they must fulfil the consumer’s needs and requirements.
And when asked about the moral conflict due to imports from Russia and its disputes with Ukraine, he stated, There is no moral conflict, and we don’t buy from anyone; we only purchase from available places. Further, oil companies buy crude oil and not the Indian government.
And on the proposal proposed by the Group of Nations to restrict the price of purchased oil from Russia and limit Moscow’s revenue, Mr Puri said that they will examine the proposal when it is finalised and communicated. The response will be beneficial as per national interest.
