The West has chastised India for its continuous procurement of Russian oil. However, there is no end in sight for India’s partnership with Russia as Russian oil exports to India have jumped 25x thanks to western sanctions.
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According to Reuters, which cited Refinitiv Eikon data, India has acquired 34 million barrels of subsidized Russian oil since February, which is more than ten times the amount of the country’s total imports year over year.
According to the data, Russian crude was provided in excess of 24 million barrels this month, up from 7.2 million barrels in April and over three million barrels in March. According to calculations, the South Asian nation will acquire over 28 million barrels in June.
Russian crude exports to India averaged roughly 960,000 barrels per month last year, about 25 times lower than what they are this month.
As a result of Western sanctions on Moscow, Indian refiners have been able to boost their imports of Russian oil (mainly Urals crude) at reduced costs, as some European customers have expressed reservations about buying Russian crude.
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The West has chastised India for its continuous procurement of Russian oil. New Delhi, on the other hand, has dismissed the criticism, claiming that the imports are a small part of the country’s overall requirements. India will continue to acquire “cheap” Russian oil, according to officials, because a sudden stop would raise prices for Indian customers.
According to previous media reports, the world’s third-largest oil importer was looking for Russian crude at less than $70 per barrel to mitigate for additional sanctions-related challenges.