India's May oil imports see record high from Russia in 10 months
ECONOMY & POLICY

India's May oil imports see record high from Russia in 10 months

In May, India saw a significant increase in its imports of oil from Russia, reaching a new high of approximately 2.1 million barrels per day (bpd). According to trade sources and shipping data, this surge was attributed to wider discounts offered on Russian oil, stemming from reduced demand from China.

The data revealed that Russia's share of India's oil imports, which is the world's third largest, rose to nearly 41% last month. Meanwhile, Saudi Arabia's supply to India dropped to its lowest point in ten months, following a second consecutive month of increased term prices by Saudi Aramco in May.

Indian refineries have been heavily purchasing Russian oil, taking advantage of discounted prices amidst a scenario where some European countries have refrained from buying Russian oil since Moscow's invasion of Ukraine in February 2022. Additionally, comparable grades from other regions, particularly the Middle East, have been more expensive.

Data indicates that India imported approximately 5.1 million bpd of oil in May, marking a 5.6% increase from April. Specifically, Indian imports of Russian oil in May were 14.7% higher compared to April and 5.9% higher than the same period last year.

An official from one of India's refineries mentioned, "Russian oil was abundantly available last month, with better discounts due to reduced demand from China."

Furthermore, Indian private refiners such as Reliance Industries and Nayara Energy, which are predominantly owned by Russian entities, have secured a term agreement for purchasing Russian oil.

In May, India saw a significant increase in its imports of oil from Russia, reaching a new high of approximately 2.1 million barrels per day (bpd). According to trade sources and shipping data, this surge was attributed to wider discounts offered on Russian oil, stemming from reduced demand from China. The data revealed that Russia's share of India's oil imports, which is the world's third largest, rose to nearly 41% last month. Meanwhile, Saudi Arabia's supply to India dropped to its lowest point in ten months, following a second consecutive month of increased term prices by Saudi Aramco in May. Indian refineries have been heavily purchasing Russian oil, taking advantage of discounted prices amidst a scenario where some European countries have refrained from buying Russian oil since Moscow's invasion of Ukraine in February 2022. Additionally, comparable grades from other regions, particularly the Middle East, have been more expensive. Data indicates that India imported approximately 5.1 million bpd of oil in May, marking a 5.6% increase from April. Specifically, Indian imports of Russian oil in May were 14.7% higher compared to April and 5.9% higher than the same period last year. An official from one of India's refineries mentioned, Russian oil was abundantly available last month, with better discounts due to reduced demand from China. Furthermore, Indian private refiners such as Reliance Industries and Nayara Energy, which are predominantly owned by Russian entities, have secured a term agreement for purchasing Russian oil.

Next Story
Infrastructure Transport

India’s Maha Kumbh of Road Construction

The RAHSTA Forum 2025, held on June 25 at Courtyard by Marriott, Mumbai, delivered powerful insights and dialogue on the future of India’s roads and highways sector. Organised by the FIRST Construction Council, the Forum served as the curtain-raiser to the much-anticipated RAHSTA Expo 2025, set to take place on 3rd and 4th September at the Jio Convention Centre, Mumbai.Union Minister of Roads Transport & Highways Shri Nitin Gadkari, while appreciating the efforts of FIRST Construction Council and ASAPP Info Global Group, commended the awards which recognise excellence across various..

Next Story
Real Estate

Built to Last, Designed to Impress

The construction and interior design industries stand at the confluence of functionality and aesthetics, where innovation powers the creation of enduring structures and inspiring spaces. At the heart of this process are materials and solutions that enable architects, designers, and builders to realise their visions with precision and reliability.Featuring iconic brands such as Fevicol—synonymous with adhesive solutions—Dr. Fixit, a complete waterproofing system renowned for addressing every critical area of construction, and Roff, a specialist in tile-fixing solutions, Pidilite has earned ..

Next Story
Infrastructure Energy

New Push to Cut India’s Air Pollution through Power Sector Reforms

In a significant stride toward environmental sustainability, Cummins India introduced CPCB IV+ compliant gensets to India on July 5, 2023, marking a paradigm shift in the power generation industry. These generators are engineered to adhere to the progressive emission norms set by the Ministry of Environment, Forest, and Climate Change. Being the first sets in the field, they have garnered praise for their remarkable achievements in emissions reduction and cutting-edge technology. Powerica, with its four-decade-long partnership with Cummins India Limited, is dedicated to consistently deliver th..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?